Bharat Masrani Career Highlights and Succession

Bharat Masrani's impressive career has been marked by numerous achievements and milestones. He joined Scotiabank in 1984.

As a seasoned executive, Masrani held various leadership positions within the bank. He became the President and CEO of Scotiabank in 2010.

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Bharat Masrani has announced his intention to retire as CEO of TD Bank Group on April 10, 2025, after 38 years with the bank.

He will continue to serve as an advisor to the bank until October 31, 2025. Masrani has been CEO for over a decade and has been instrumental in leading the bank through a period of profound change in the industry.

Raymond Chun will succeed Masrani as CEO, reporting to him as COO on November 1, 2024. Chun has been with TD Bank for 32 years and has held various senior roles, including group head of Canadian personal banking.

Chun's appointment is part of TD Bank's succession plan, and he will take over as Group President and CEO on April 10, 2025. Masrani has praised Chun's leadership skills and experience, saying he is a dynamic leader with a long track record of success.

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Here are some key facts about Raymond Chun's background:

Masrani will continue to advance and direct the critical remediation program required to meet TD Bank's obligations and responsibilities and strengthen its risk and control foundation.

TD Bank CEO Bharat Masrani has announced his intention to retire on April 10, 2025, after more than a decade leading the Toronto-headquartered banking group.

He has been with the bank for 38 years, starting back in 1987. Masrani will continue to serve as an advisor to the bank until October 31, 2025.

The board has named Raymond Chun, current group head of Canadian personal banking, as his successor. Chun will initially take up the role of COO on November 1, 2024, reporting directly to Masrani.

Chun has held a number of senior roles over his 32-year tenure at the bank. He will become Group president and CEO, TD Bank Group, when Masrani retires on April 10, 2025.

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Masrani is taking full responsibility for the anti-money laundering challenges the bank faces, which he says took place on his watch as CEO. He will continue to advance and direct the critical remediation program in the coming months.

The bank's board extends its deep appreciation for Masrani's significant contributions to TD, including building the bank over almost four decades and leading it through a period of profound change in the industry.

Bharat Masrani started his banking career in 1987 as a Commercial Lending Trainee at TD.

He worked his way up to hold many senior executive roles across the bank, including Head of Corporate Banking in Canada, and set up TD's first office in India.

Masrani relocated to London to lead TD's discount brokerage business TD Waterhouse in the UK as Senior Vice President.

He returned to Toronto in 2003 as Vice Chair and Chief Risk Officer of TD Bank Group.

Masrani's leadership roles continued to grow, including President of TD Banknorth, and Group Head, US Personal and Commercial Banking and CEO of TD Bank, N.A.

In 2014, he became President and CEO of TD, a position he held until his retirement.

Here's a brief timeline of Masrani's leadership roles:

Masrani announced his retirement from TD in September 2024, with plans to step down as CEO the following April and continue advising TD until October 2025.

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