Raymond Chun formally assumed the role of Group President and Chief Executive Officer of TD Bank Group on 1 February 2025. Chun succeeds Bharat Masrani, who has spent nearly four decades at TD and has agreed to remain available in an advisory capacity until 31 July 2025.

TD Bank Group accelerated the timeline for the transition in January 2025, announcing an earlier-than-anticipated effective date alongside a board refresh under which five directors will leave after the April 2025 annual meeting and chair Alan MacGibbon will step down by the end of 2025. The change comes as the bank addresses anti-money laundering compliance failures identified by United States regulators in 2024.

MASRANI'S FINAL YEAR

Bharat Masrani's final year as chief executive included TD's response to AML deficiencies identified by the United States Department of Justice and other American regulatory bodies. The bank reached resolution agreements with multiple US authorities in 2024, incurring financial penalties and operational restrictions in its US retail banking network. The penalties totalled about US$3 billion, and TD Bank N.A. became the largest bank in US history to plead guilty to Bank Secrecy Act programme failures.

The regulatory outcome had a direct and publicly disclosed impact on Masrani's personal compensation. TD confirmed that Masrani received no cash incentive or equity compensation for the 2024 performance year, cutting his total direct compensation by 89% to C$1.5 million from C$13.3 million. TD said the cuts across 41 executives, totalling C$30 million, reflected "the seriousness of the U.S. AML failures, the associated costs to the Bank, and the limitations imposed on the U.S. retail business."

Masrani joined TD in 1987 and held leadership roles across retail banking, wealth management and the group's US operations before becoming chief executive in 2014.

RAYMOND CHUN

Raymond Chun has been with TD Bank Group since 1992 and held senior positions across Canadian personal banking, wealth management and the group's executive committee before his appointment as chief executive.

The US regulatory orders restrict the bank's ability to grow its American balance sheet until prescribed improvements are demonstrated.