TD Bank Group has named Bharat Masrani as the new president and CEO, effective from 1 November 2014, when the current president and CEO Ed Clark retires.
Currently serving as group head of US personal and commercial banking, TD Bank Group and president and CEO of TD Bank, Masrani will become chief operating officer of TD Bank Group and will report to Clark from 1 July.
Clark will remain as a director until the bank’s 2015 annual meeting.
Commenting on the appointment, Clark said, "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."
The bank has also named Mike Pedersen as the new group head of US Banking, TD Bank Group and president and chief executive officer of TD Bank from 1 July this year.
He is currently serving as the group head wealth management, insurance and corporate shared services business.
Having joined the bank in 2007, from a global bank based in the UK, Pedersen has extensive international experience in banking, wealth management and corporate shared services.
As of 31 January, TD Bank Group had C$818bn in assets and serves nearly 22 million customers in four key businesses operating in a number of locations in key financial centers around the globe.