A. Charles Baillie, TD Bank Financial Group’s chairman and chief executive officer announced today his intention to retire as CEO effective December 20 of this year.

In line with TD’s succession plan, the board of directors announced that W. Edmund Clark, currently president and chief operating officer of TD, will replace Baillie.

Baillie will, however, remain Chairman until the annual general meeting in 2004 at which time TD says it is the Board’s intention to have Mr. Clark assume the role of Chairman as well.

“Before handing over the reins, I wanted to ensure that TD Bank Financial Group had a solid senior management team in place that could carry the company forward,” said Baillie in today’s news release. “The Board of Directors and I have every confidence in Clark and the rest of the management team. Their determined leadership, coupled with the hard work and dedication consistently demonstrated by the employees of TD Bank Financial Group offer a very promising future for TDBFG.”

“When the acquisition of Canada Trust was completed, Charlie developed a strategic succession plan in consultation with the Board and recommended that Ed succeed him. He developed a timeline and with the Board’s full endorsement, has worked diligently to ensure a smooth transition,” said John Thompson, head of the Management Resources Committee.

“The Board would like to thank Charlie for his outstanding leadership and for building TD Bank Financial Group into the diversified financial services business it is today,” he added.

Clark gave this statement: “I would like to express my gratitude to Charlie for his dedication to TD Bank Financial Group, our customers, employees and shareholders. I look forward to the challenges ahead in my new role and will work with TD Bank Financial Group’s strong management team and employees in continuing to deliver on the things that matter most to our customers while also driving shareholder value.”

Mr. Baillie’s many career highlights at TD Bank Financial Group include the establishment of TD Securities, the acquisition of several discount brokerages, including TD Waterhouse in the U.S., and the acquisition of CT Financial Services Inc. in February 2000, which resulted in the creation of TD Canada Trust.

Baillie will be 63 years old when hands over the reigns in December. He began his career with TD in 1964 and has been CEO for the past six years.