Toronto-Dominion Bank Corp. (NYSE:TD) shares are seeing positive movement Thursday. Here's what you need to know.
What To Know: The bank revealed that Bharat Masrani, who has served as CEO for over a decade and spent 38 years at the institution, will retire on April 10 2025. Masrani's tenure saw significant milestones but also faced challenges, particularly toward the end of his leadership, as TD dealt with an unraveling $13.4 billion acquisition of First Horizon Corp and investigations into lapses in money-laundering controls at U.S. branches.
In response to these developments, TD Bank Group's Board of Directors has named Raymond Chun, currently Group Head of Canadian Personal Banking, as the successor. Chun will step into the role of Chief Operating Officer on November 1 2024, with responsibility for all business lines, before officially taking over as CEO on April 10 2025. This move is part of TD's ongoing efforts to strengthen its leadership and reassure stakeholders during a challenging period for the bank.
What Else: The leadership transition is taking place while the bank grapples with investigations by the U.S. Department of Justice and financial regulators over its handling of money-laundering controls in its American branches—a division that Masrani had previously overseen. The fallout from these issues has led to the departure of several top executives in the bank's legal and compliance departments, contributing to uncertainty about the company's direction.
Price Action: TD shares were trading higher by 2.27% at $64.01 according to Benzinga Pro.
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