TD Bank Appoints Raymond Chun as CEO on February 1, 2025, Accelerating Leadership Change Amid Money-Laundering Scandal

Jan 17, 2025, 01:53 PM

Toronto-Dominion Bank (TD Bank) is accelerating its leadership transition by appointing Raymond Chun as the new President and CEO effective February 1, 2025, two months earlier than originally planned. The move comes as the bank seeks to address the fallout from a historic money-laundering scandal, which has prompted a broader overhaul of its executive team. Bharat Masrani, the current CEO, will step down earlier than expected, while the bank has also announced pay cuts for more than 40 executives as part of its restructuring efforts. This change in leadership is part of TD Bank's strategy to enhance its anti-money laundering practices and restore confidence in its operations.