Bharat Masrani, the CEO of TD Bank Group, has announced his retirement effective April 10, 2025, after 38 years with the bank and a decade as its leader. His successor, Raymond Chun, currently head of Canadian personal banking, will take over as COO on November 1, 2024, before officially assuming the CEO role at the bank's annual meeting in April. This transition comes as TD faces investigations into money-laundering controls at its U.S. branches and has set aside $3 billion for potential penalties. Chun has been with TD for 32 years and is credited with steering the Canadian retail division, which significantly contributes to the bank's profits. Following Masrani's retirement, he will serve as an advisor until October 2025. The board praised both Masrani's leadership and Chun's dynamic capabilities to guide the bank forward.