Toronto-Dominion Bank (TD) announced on Thursday that Mike Pedersen, president and CEO of its U.S. division, TD Bank, will retire next summer.

TD has named Greg Braca, current head of corporate and specialty banking, as chief operating officer of TD Bank effective Nov. 1, reporting to Pedersen. Braca will then succeed Pedersen as president and CEO on June 1, 2017 while Pedersen will remain as an advisor to the bank for a period of time afterward.

“It has been an honor to lead a bank that is so focused on taking care of its customers, communities and colleagues,” Pedersen says in a statement. “Greg is an inspirational leader and I look forward to working with him during this seven-month transition period.”

Pedersen started his career with TD in Toronto as group head, corporate operations, in 2007. He succeeded Bharat Masrani, as president and CEO of the U.S. division in 2013.

“I want to thank Mike for leading the bank through some of the most challenging economic conditions in U.S. history. Through it all, he championed the customer experience, gave back to our communities and inspired our next generation of leaders,” says Masrani, TD’s group president and CEO, in a statement. “Greg is emblematic of the deep bench we have at TD. He lives and breathes the TD brand and will continue to build on our momentum in the U.S.”

Braca joined TD in 2002 and has played a key leadership role in the bank’s growth in the U.S., particularly in New York. Prior to his role as head of corporate and specialty banking, he served as the head of retail and commercial banking in New York.

“I look forward to working with Mike during the transition and partnering with the senior leadership team to deliver on our vision for the bank,” says Braca, in a statement. “TD Bank’s vibrant culture and commitment to customers have enabled us to become a top 10 bank in the U.S. Our strong brand, differentiated customer experience and dedicated colleagues will help us build upon this success.”

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