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TD Bank Group
TD 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
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