Toronto-Dominion Bank (TSX:TD) Monday welcomed new Group President and CEO Bharat Masrani to his role.
On April 3, 2013, TD’s board of birectors announced that in keeping with TD’s succession plan, Bharat would succeed Ed Clark on November 1.
“I want to congratulate Ed on his exceptional tenure as TD’s CEO and thank him for his incredible leadership and friendship over the past 12 years,” said Masrani in a release.
Masrani has more than 27 years of banking experience and is a member of TD’s board of directors. He has held executive roles in TD’s commercial, corporate banking and wealth businesses, and has served as the bank’s chief risk officer and group head U.S. personal and commercial banking and president and CEO, TD Bank, America’s Most Convenient Bank. Since July 1, 2013, he has held the position of chief operating officer at the bank.
“Bharat brings a proven track record of performance and a tremendous breadth of experience steeped in the culture and values shared by the entire TD Board and senior executive team,” said Brian Levitt, chairman of TD’s board of directors. “The board has full confidence in Bharat’s leadership and his management team.”
Also Monday, TD announced that Ed Clark has stepped down from the board. Clark had previously announced his intention to remain a director until the bank’s 2015 annual general meeting on March 26.
“We are grateful to Ed for his leadership and the incredible impact he’s made in driving growth and success at TD,” said Levitt. “We wish him all the very best in the future.”