Toronto, ON, Canada - TD Bank Group president and chief executive officer Ed Clark announced his intention to retire as CEO, effective November 1, 2014.
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Mr. Clark will remain a director until TD's 2015 annual meeting. He was appointed Group President and Chief Executive Officer of TD Bank Group on December 20, 2002.
Prior to this appointment, he was President and Chief Operating Officer, a role he held since July 2000.
Following TD's acquisition of Canada Trust Financial Services in February of 2000, Mr. Clark joined TD Bank Group as Chairman and CEO of TD Canada Trust.
Before joining TD, he was President and CEO of Canada Trust Financial Services.
In 1985, he joined Merrill Lynch, and three years later he was appointed Chairman and CEO of Morgan Financial Corporation, a position he held until he joined Canada Trust Financial Services Inc. in 1991.
From 1974 to 1984, he held a number of senior positions in the federal government.
Mr. Clark graduated from the University of Toronto in 1969 with a Bachelor of Arts degree.
He earned his Master's degree and Doctorate in Economics from Harvard University in 1971 and 1974 respectively.
He has also received honorary degrees from Mount Allison University, Queen's University and the University of Toronto.
Mr. Clark serves as Chairman of the Board of TD Bank N.A. and its subsidiary banks, and also serves as Vice-Chairman of the Board of TD Ameritrade Holding Corporation.
He was appointed to the Order of Canada for his "contributions to Canada's banking and financial industry, and for his voluntary and philanthropic endeavours."
Mr. Clark was named Canada's Outstanding CEO of the Year, Ivey Business Leader of the Year by the Richard Ivey School of Business at the University of Western Ontari, and was acknowledged by GTA Association of Fundraising Professionals (AFP) with the "2011 Outstanding Philanthropist" award.
He was also named to Barron's prestigious annual list of the world's 30 best CEOs.
The company announced that Bharat Masrani, Group Head U.S. Personal and Commercial Banking, TD Bank Group, and President and CEO of TD Bank will become Chief Operating Officer of TD Bank Group, effective July 1, 2013.
The Board also announced its intention that Mr. Masrani will become Group President and Chief Executive Officer of TD Bank Group, effective November 1, 2014.
Mr. Masrani has more than 26 years of banking experience and is a member of the TD Bank Board of Directors.
Prior to his role at TD Bank, he served as Vice Chair and Chief Risk Officer of TD Bank Group, a position he held from May 2003.
Mr. Masrani also served as Senior Vice President and Chief Executive Officer of TD Waterhouse Investor Services in Europe; Senior Vice President, Corporate Finance and Co-Head in Europe; Vice President and Country Head for India; and Vice President and Head, Corporate Banking Canada.
He began his banking career with TD Bank Group in 1987 as a Commercial Lending Trainee.
The company also announced that on July 1, 2013, Mike Pedersen, Group Head Wealth Management, Insurance and Corporate Shared Services, will become Group Head U.S. Banking, TD Bank Group and President and Chief Executive Officer at TD Bank. ■