TD Bank Group announced the retirement of its CEO, Bharat Masrani, scheduled for April 10, 2025, amidst a significant money-laundering scandal in the U.S. He will be succeeded by Raymond Chun, currently the head of Canadian personal banking, who will assume the role of COO on November 1 before officially becoming CEO. Masrani acknowledged the issues with the bank's anti-money-laundering program, stating it occurred under his leadership and taking full responsibility for the challenges. The scandal has led to billions in potential fines for TD and has affected its operations, including the cancellation of a proposed $13.4 billion acquisition of First Horizon bank. Chun, who has been with TD for over 32 years, emphasized that remediation of the bank's compliance issues will be a top priority moving forward. Additional executive changes were also announced, including the retirement of Riaz Ahmed, head of wholesale banking, in January 2025.