TD Bank Shares Rise as CEO Bharat Masrani Plans Retirement in 2025

TD Bank Group shares experienced a boost on Thursday following the announcement that CEO Bharat Masrani will retire in April 2025 after nearly a decade in the role. Raymond Chun, currently overseeing the bank’s Canadian personal banking operations, will transition to Chief Operating Officer (COO) on November 1, before taking over as CEO next spring.

Masrani expressed his support for Chun’s promotion, emphasizing the importance of the bank in supporting financial goals across Canada and the U.S. He also took full responsibility for ongoing investigations into suspected failures in TD’s anti-money laundering practices, acknowledging that these issues occurred during his tenure. The bank anticipates facing penalties and has reserved billions to address potential fines.

As a result of the succession plan, TD Bank shares rose 2.6% to $64.20, remaining relatively stable for the year.

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