TD Bank Financial Group today announced the appointment of Bob Dorrance as the chairman and CEO of TD Securities and Mike MacBain as the president of TD Securities, following the decision of Don Wright to step down as Chairman and CEO of TD Securities.

“During his eight years with TD Securities, Don built the wholesale business into a leading force in the securities industry. He recruited a talented team that, under his leadership, have earned a well deserved reputation as client-focussed professionals,” said Charles Baillie, chairman and CEO of TD Bank Financial Group.

“Having worked with Don over the past few months, I appreciate the support that he has provided me as we have worked together to develop and implement a revised strategy for TD Securities. With a revised strategy now in place, I understand Don’s decision to seek other challenges outside of TD Bank Financial Group,” said Ed Clark president and COO and CEO-designate of TDBFG.

Under his new title of chairman and CEO of TD Securities, Bob Dorrance will continue to lead the institutional equities and investment banking activities, as well as taking on responsibility for private equity. As president of TD Securities, Mike MacBain will be responsible for global foreign exchange and money markets in addition to leadership for global debt capital markets. Both Bob and Mike will report directly to Ed Clark.