TD Bank's U.S. chief moving up
TD Bank has announced CEO Bharat Masrani will be the next chief executive of Toronto-Dominion Bank, TD Bank's Canadian parent. With that announcement, Toronto-Dominion's head of wealth management, insurance and shared services, Mike Pedersen, will take over as the head of U.S. banking operations July 1, according to Reuters.
Masrani, 56, has led TD Bank since 2006 and will replace CEO Ed Clark, who is stepping down as chief of Toronto-Dominion next year.
Reuters reported that Masrani has led TD Bank's U.S. retail network of around 1,300 branches, outnumbering the 1,200 Canadian locations.
Industry experts told Reuters that promoting TD Bank's top U.S. executive to lead the Canadian parent suggests a continued focus on its U.S. operations, where loan growth is picking up faster than in Canada.
Masrani is set to take over as chief operating officer on July 1, as he transitions into the bank's top spot. The Bangor Daily News reported that Pedersen, who will take over U.S. operations then, will be based out of Cherry Hill, N.J., the company's second headquarters opened in 2008 when the bank acquired Commerce Bank. The bank's other U.S. headquarters is in Portland.
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