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, will become Chief Operating Officer, TD Bank Group reporting to Clark effective July 1, 2013. The Board also announced its intention that 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 we look to the future, the Board is confident that Bharat's leadership, breadth of experience and global business insight will serve him well. His proven track record of performance at TD Bank, America's Most Convenient Bank, and as Chief Risk Officer and in our Wealth, Corporate and Commercial banking businesses, will further drive TD's momentum'.
'I am delighted that the Board has chosen Bharat as my successor. Years ago the Board made a commitment to delivering a seamless and well planned CEO transition. Bharat brings a continuity of strategy, culture and values shared by the entire Board and Senior Executive Team', said Clark. 'Under his leadership, TD will continue to meet the needs of our 22 million customers and remain an employer of choice for our more than 85,000 employees. With Bharat as CEO and a deep bench of talent on the Senior Executive Team, I am extremely confident in the future of TD'.
'I'm honoured to be entrusted by the Board as the custodian of this great institution and global brand', said Masrani. 'Ed is an outstanding leader, mentor and friend. Our management team is strong and, together, we will remain focused on investing in and growing our businesses'.
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, America's Most Convenient Bank and will relocate to Cherry Hill, NJ. He will continue to report to Clark until November 1, 2014. Pedersen joined TD in 2007 from a global bank based in the United Kingdom and has extensive international experience in banking, wealth management and corporate shared services. Under his leadership, the Wealth and Insurance segment delivered record earnings in 2012.
Tim Hockey, currently Group Head, Canadian Banking, Auto Finance, and Credit Cards, TD Bank Group and President & CEO TD Canada Trust, will add TD Wealth Management to his portfolio of responsibilities in July 2013. This includes the global Direct Investing, Advisory and Canadian Asset Management businesses. Throughout his career at TD, Hockey has demonstrated a strong track record of driving growth across a range of traditional and emerging businesses. The addition of Wealth Management will ensure further integration of the wealth and banking offerings for customers and clients and builds on the award-winning customer service tradition of TD Canada Trust. Hockey will continue to report to Clark until November 1, 2014.