TD Banknorth Inc. announced today it is adding of the role of president to its existing management team. The office will be filled by Bharat Masrani, currently with TD Bank Financial Group, effective this fall. Masrani will report to Bill Ryan, chairman and CEO.

“I am delighted to have an executive with the breadth of Bharat’s experience join our exceptional management team here at TD Banknorth. With the increased size and complexity of our company, adding Bharat to our organization will assist me in managing the day-to-day operations of the company and will allow me to continue to actively pursue growth opportunities and acquisitions,” said Ryan.

Masrani joined TD in 1987 and has served in a number of international management positions in commercial, corporate banking, and global wealth management. He is currently a vice chairman and the chief risk officer of TD and has been a Director of TD Banknorth since 2005.

In his role as president, Masrani will be responsible for overseeing TD Banknorth’s retail, commercial, investment, insurance and marketing divisions. He will step down from TD Banknorth’s board of directors when he assumes the position.

Following the announcement by TD Banknorth earlier today that Bharat

As a result of Masrani’s move to TD Banknorth, TD said that it will be working to fill the position of TD’s chief risk officer over the coming months.