TD Waterhouse USA said Wednesday that Tim Pinnington will take over as president and CEO, effective Nov. 1, succeeding Frank J. Petrilli. Pinnington will report to Ed Clark, president and CEO of TD Bank Financial Group.

Petrilli, 53, who has led TD Waterhouse USA since 1995, announced his plans to retire earlier this year. He is largely credited with expanding the firm’s assets under management during his tenure from US$6 billion to nearly US$130 billion. He is also recognized for creating one of the most customer-oriented firms in the discount brokerage industry.

Pinnington, 40, was vice chairman and COO for TD Waterhouse USA, a position he held since April. Before that he was CEO of TD Waterhouse Investor Services Europe, TD Bank Financial Group’s retail operations in Britain and continental Europe. Pinnington joined Toronto-Dominion Bank in 2000 following the bank’s acquisition of Canada Trust. As the senior vice president of integration and planning he managed the integration of the Canada Trust and TD Bank merger, the largest bank merger in Canadian history.

“I am confident that Tim is the best choice for this job as he has spent the past four months immersed in the business as chief operating officer of TD Waterhouse USA,” Clark said in a release. “Furthermore, he has keen vision and leadership experience from his post as CEO of TD Waterhouse UK and the pivotal role he played in the TD-Canada Trust post-merger integration.”