TORONTO, April 3, 2013 /CNW/ - TD Bank Group President and Chief
Executive Officer Ed Clark today announced his intention to retire as
CEO effective November 1, 2014 at age 67, after 12 years as CEO. He
will remain a Director until TD's 2015 Annual Meeting.
In line with TD Bank Group's succession plan, the Board of Directors
announced that Bharat Masrani, Group Head U.S. Personal and Commercial
Banking, TD Bank Group and President and CEO, TD Bank, America's Most
Convenient Bank®, will become Chief Operating Officer, TD Bank Group
reporting to Mr. Clark effective July 1, 2013. The Board also announced
its intention that Mr. Masrani, age 56, will become Group President and
Chief Executive Officer, TD Bank Group on November 1, 2014.
"Ed's stellar leadership has driven unprecedented growth and success at
TD. This success continues to benefit shareholders, as TD's compound
annual total shareholder return has been 14.5 percent to date under
Ed's tenure as CEO. Ed brings great passion for customers, employees
and the TD brand and we salute him for building an award winning North
American customer brand and creating an extraordinary and inclusive
place to work," said Brian Levitt, chairman of TD's Board of Directors.
"As we look to the future, the Board is confident that Bharat's
leadership, breadth of experience and global business insight will
serve him well. His proven track record of performance at TD Bank,
America's Most Convenient Bank, and as Chief Risk Officer and in our
Wealth, Corporate and Commercial banking businesses, will further drive
"I am delighted that the Board has chosen Bharat as my successor. Years
ago the Board made a commitment to delivering a seamless and well
planned CEO transition. Bharat brings a continuity of strategy, culture
and values shared by the entire Board and Senior Executive Team," said
Clark. "Under his leadership, TD will continue to meet the needs of
our 22 million customers and remain an employer of choice for our more
than 85,000 employees. With Bharat as CEO and a deep bench of talent
on the Senior Executive Team, I am extremely confident in the future of
"I'm honoured to be entrusted by the Board as the custodian of this
great institution and global brand," said Masrani. "Ed is an
outstanding leader, mentor and friend. Our management team is strong
and, together, we will remain focused on investing in and growing our
On July 1, 2013 Mike Pedersen, Group Head Wealth Management, Insurance
and Corporate Shared Services will become Group Head U.S. Banking, TD
Bank Group and President and Chief Executive Officer at TD Bank,
America's Most Convenient Bank and will relocate to Cherry Hill, NJ.
He will continue to report to Mr. Clark until November 1, 2014. Mr.
Pedersen joined TD in 2007 from a global bank based in the United
Kingdom and has extensive international experience in banking, wealth
management and corporate shared services. Under his leadership, the
Wealth and Insurance segment delivered record earnings in 2012.
Tim Hockey, currently Group Head, Canadian Banking, Auto Finance, and
Credit Cards, TD Bank Group and President & CEO TD Canada Trust, will
add TD Wealth Management to his portfolio of responsibilities in July
2013. This includes the global Direct Investing, Advisory and Canadian
Asset Management businesses. Throughout his career at TD, Mr. Hockey
has demonstrated a strong track record of driving growth across a range
of traditional and emerging businesses. The addition of Wealth
Management will ensure further integration of the wealth and banking
offerings for customers and clients and builds on the award-winning
customer service tradition of TD Canada Trust. Mr. Hockey will
continue to report to Mr. Clark until November 1, 2014.
Bios and photos of Ed Clark, Bharat Masrani, Mike Pedersen and Tim
Hockey are available upon request.
Investor information and call
A brief investor call will be held at 8:00 a.m. ET. The call will
feature remarks by TD executives and will be followed by a
question-and-answer period. A listen-only telephone line is available
at 1-877-974-0446 (toll free).
Replay of the call will be available from 10 a.m. ET on April 3, 2013,
until May 3, 2013 by calling 1-416-640-1917 or 1-877-289-8525 (toll
free). The passcode is 4611884, followed by the pound key.
This release contains forward looking statements. All such statements
are made pursuant to the "safe harbour" provisions of, and are intended
to be forward-looking statements under, applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. By their very nature, these statements
are subject to inherent risks and uncertainties, general and specific.
Such risks and uncertainties may be beyond TD's control and may cause
actual results to differ from the expectations expressed in the
forward-looking statements. Certain risk factors are discussed in TD's
2012 Annual Report, as updated in TD's First Quarter 2013 Report to
Shareholders. TD does not undertake to update any forward-looking
statements except as required under applicable securities legislation.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group (TD). TD is the sixth largest bank in North America by
branches and serves approximately 22 million customers in four key
businesses operating in a number of locations in key financial centres
around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust and TD Auto Finance Canada; Wealth and Insurance,
including TD Waterhouse, an investment in TD Ameritrade, and TD
Insurance; U.S. Personal and Commercial Banking, including TD Bank,
America's Most Convenient Bank, and TD Auto Finance U.S.; and Wholesale
Banking, including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 9 million
online customers. TD had CDN$818 billion in assets on January 31, 2013.
The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto
and New York Stock Exchanges.
Image with caption: "TD's Present and Future CEOs Bharat Masrani (left) will succeed Ed Clark (right) as Group President and CEO of TD Bank Group in November 2014. (CNW Group/TD Bank Group)". Image available at: http://photos.newswire.ca/images/download/20130403_C2129_PHOTO_EN_25079.jpg
SOURCE: TD Bank Group
For further information:
Stephen Hewitt, Media Relations, TD Bank Group, (647) 201-2153 email@example.com
Rudy Sankovic, Investor Relations, TD Bank Group, (416) 308-9030