08:43 AM EDT, 09/20/2024 (MT Newswires) -- TD announced that current President & CEO, Bharat Masrani, will be retiring effective April 10, 2025. The current head of Canadian Personal Banking, Raymond Chun, will be named COO effective November 1, and will assume the President & CEO role when Masrani retires. TD also announced other management team changes.
National Bank's Gabriel Dechaine believes investors will appreciate clarity on TD's succession plan. Chun has extensive experience at the bank, having run its Insurance segment, its Wealth division and its Canadian Personal Banking business. On the other hand, Dechaine also believes some investors were open to the possibility of TD selecting an external CEO candidate, one with deep U.S. banking sector experience (and experience with U.S. regulators) given the bank's AML issues.
TD is rated Sector Perform, with a $78 target.
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Key here is to wait and see if Chun makes any changes in the Executive
suite in the US.