Canadian lender Toronto-Dominion Bank or TD Bank Group (TD,TD.TO) announced Wednesday that President and CEO Ed Clark intends to retire as CEO, effective November 1, 2014 after leading the group for 12 years. Meanwhile, Clark will remain a director until the company's 2015 annual meeting.
"Ed's stellar leadership has driven unprecedented growth and success at TD. This success continues to benefit shareholders, as TD's compound annual total shareholder return has been 14.5 percent to date under Ed's tenure as CEO," Chairman Brian Levitt said in a statement.
As part of a CEO succession plan, the Toronto-based sixth largest bank in North America named Bharat Masrani, Group Head U.S. Personal and Commercial Banking as well as President and CEO of TD Bank, to succeed Clark, when he retires. Meanwhile, the company announced the promotion of Masrani to chief operating officer, effective July 1, 2013. He will report to Clark, who will help in a seamless and smooth CEO transition.
Clark joined TD Bank Group as chairman and CEO of TD Canada Trust through the TD's February 2000 acquisition of Canada Trust Financial Services, where he was President and CEO. He was then promoted to president and COO in July 2000, and finally named group president and CEO on December 20, 2002.
Clark joined Canada Trust in 1991 after serving at Merrill Lynch for three years and as chairman and CEO of Morgan Financial Corp. From 1974 to 1984, he held a number of senior positions in the federal government.
"As we look to the future, the Board is confident that Bharat's leadership, breadth of experience and global business insight will serve him well. His proven track record of performance at TD Bank, America's Most Convenient Bank, and as Chief Risk Officer and in our Wealth, Corporate and Commercial banking businesses, will further drive TD's momentum," Levitt added.
Prior to his current positions at TD Bank, Masrani served as vice chair and chief risk officer of TD Bank Group since May 2003. During his tenure with TD Bank Group, he served as senior vice president and CEO of TD Waterhouse Investor Services in Europe, senior vice president of corporate finance and co-head in Europe, vice president and country head for India as well as vice president and head of Corporate Banking Canada. He began his banking career with TD Bank Group in 1987 as a Commercial Lending Trainee.
The company also announced that Mike Pedersen will succeed Masrani, effective July 1, 2013, and continue to report to Clark until he retires. Pedersen is currently serving as group head of wealth management, insurance and corporate shared services.
Further, the company said Tim Hockey will add TD Wealth Management to his portfolio of responsibilities in July 2013. He is currently the group head of Canadian banking, auto finance, and credit cards, as well as President & CEO TD Canada Trust. Hockey will also continue to report to Clark until he retires.
TD closed Tuesday's regular trading session at $83.20, up $0.36 on a volume of 0.40 million shares. In the past 52-week period, the stock has been trading in a range of $72.63 to $85.49. TD.TO closed on the TSX at C$84.45, up C$0.61 or 0.73% on a volume of 1.10 million shares.
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