TD Bank Financial Group today confirmed that it is intended that John Thompson will assume the role of Lead Director following the annual general meeting in April 2003, succeeding Marshall Cohen. Cohen has served as the Lead Director for the maximum term of five years and will remain with the board. Thompson will also take on the title of chairman.

TD also confirmed that Ed Clark has assumed the office of CEO and that Charlie Baillie will continue as chairman of the board until the end of the annual general meeting.

“In the current environment of evolving corporate governance, the board felt it best to separate the roles of chairman and CEO,” said Cohen. “The board remains committed to ensuring good corporate governance and will periodically assess the need for separating the two roles.”

Thompson has served on TD’s board since 1988 and chairs the Management Resources Committee. He recently retired as vice chair of the board of IBM Corporation. “I am delighted to accept the challenge of the chairman’s office and look forward to working with Ed and the rest of the management team in helping to drive shareholder value,” said Thompson. “On behalf of the board, I would like to thank Mickey Cohen for representing us well in his role as Lead Director.”