TD Banknorth Inc. announced today that as part of its ongoing succession planning, Bharat Masrani, currently TD Banknorth [resident, will assume the additional role of CEO effective Mar. 1, 2007.

Bill Ryan, TD Banknorth chairman and CEO will continue in his role as chairman of the Board until 2010 and will focus on the company’s merger and acquisition strategy while continuing his strategic oversight of the company.

“Since joining the company in 1989, Bill has taken a company that was near failure and through hard work, dedication and skill transformed it into one of the 25 largest commercial banks in the country — while at the same time demonstrating an unwavering commitment to the principles of community banking,” said TD Banknorth lead director Kevin Condron.

“I look forward to working closely with Bill and the senior management team at TD Banknorth to continue moving the company forward,” said Masrani.

Masrani joined the TD Banknorth management team in September as president. He first joined TD Bank Financial Group, TD Banknorth’s parent company, in 1987 and has served in a number of international management positions in commercial, corporate banking, and global wealth management.

Masrani will continue to report to Ryan in his role as chairman.