TD Bank Group President and CEO Ed Clark to Retire November 1, 2014; Bharat Masrani Named Successor

TD Bank Group

President and Chief Executive Officer Ed Clark today announced his intention to retire as CEO effective November 1, 2014 at age 67, after 12 years as CEO.  He will remain a Director until TD's 2015 Annual Meeting. In line with TD Bank Group's succession plan, the Board of Directors announced that Bharat Masrani, Group Head U.S. Personal and Commercial Banking, TD Bank Group and President and CEO, TD Bank, America's Most Convenient Bank®, will become Chief Operating Officer, TD Bank Group reporting to Mr. Clark effective July 1, 2013. The Board also announced its intention that Mr. Masrani, age 56, will become Group President and Chief Executive Officer, TD Bank Group on November 1, 2014. "Ed's stellar leadership has driven unprecedented growth and success at TD. This success continues to benefit shareholders, as TD's compound annual total shareholder return has been 14.5 percent to date under Ed's tenure as CEO. Ed brings great passion for customers, employees and the TD brand and we salute him for building an award winning North American customer brand and creating an extraordinary and inclusive place to work," said Brian Levitt, chairman of TD's Board of Directors. "As