Mr. Bharat Masrani reports

TD BANK GROUP PRESIDENT AND CEO BHARAT MASRANI TO RETIRE APRIL 10, 2025; BOARD NAMES RAYMOND CHUN AS SUCCESSOR

Toronto-Dominion Bank president and chief executive officer Bharat Masrani intends to retire on April 10, 2025, after 38 years at the bank and more than a decade as CEO.

In line with TD Bank's succession plan, the board of directors announced that Raymond Chun, group head, Canadian personal banking, will be appointed to the board of directors and become chief operating officer, TD Bank, reporting to Mr. Masrani, effective Nov. 1, 2024, with responsibility for all of TD's lines of business. Mr. Chun will become group president and chief executive officer, TD Bank, on April 10, 2025, at the bank's next annual meeting of shareholders. Following his retirement as CEO, Mr. Masrani will continue to serve as an adviser to the bank until Oct. 31, 2025.

"Bharat helped to build TD over almost four decades, and as CEO led the bank through a period of profound change in our industry. He accelerated our transformation in the digital age, enhanced the competitiveness of our businesses, nurtured one of the world's most valuable brands, and steered TD through complexity with a steady hand," said Alan MacGibbon, chair of TD's board of directors. "The board extends its deep appreciation for Bharat's significant contributions to TD.

"Ray is a dynamic leader with a long track record of success across multiple leadership roles. His proven ability to drive change, deliver outcomes, and build strong, high-performing teams will serve him well as he guides TD into the future."

Mr. Chun joined TD's management training program in 1992 and assumed increasingly senior roles over the past 32 years. Throughout his career, he has developed strong teams and leaders, delivered exceptional customer experiences, improved the performance and strength of the businesses he led, and designed strategies to enhance competitiveness and performance. Among his various leadership roles, he has served as president of TD Direct Investing, president and CEO of TD Insurance, group head, wealth management and insurance, and, most recently, group head, Canadian personal banking.

"I am delighted the board has selected Ray as our next CEO," said Mr. Masrani. "Ray's deep knowledge of banking and his drive for results are matched only by his commitment to TD and the millions we serve. We are navigating a difficult moment, and I am confident that Ray's leadership will successfully guide this great institution into the future."

"I am honoured by the trust our board has placed in me," said Mr. Chun. "TD is a critical part of our financial system and economy, and directly supports the financial goals of millions of households and businesses, and the aspirations of communities across Canada, the U.S. and globally. I am committed to the work ahead and energized by the opportunity to lead this outstanding bank into the future."

Riaz Ahmed to retire

After close to three decades at TD, Riaz Ahmed, group head, wholesale banking, and president and CEO of TD Securities, will retire at the end of January, 2025.

"Riaz has made significant and lasting contributions to our success over his many decades of service and leadership," said Mr. Masrani. "He helped to shape TD's strategy, led key acquisitions, drove growth across multiple businesses, and strengthened our bank. As head of TD Securities, he integrated TD Cowen and inspired a strong team of leaders to accelerate the development of a North American investment bank with global reach. I want to extend my personal thanks for his close partnership over many years and wish him the very best on his next journey."

"It has been a privilege to call TD home over the past 28 years. I have worked alongside some of the most talented bankers and leaders in the industry and I have great confidence in TD's future," said Mr. Ahmed. "I want to thank everyone at TD for their partnership and support over the years, and wish them, and TD, the very best for continued success."

Senior executive team updates

TD has also made changes to the senior executive team, effective Nov. 1, 2024:

• Paul Clark, currently executive vice-president, private wealth management and financial planning, will become senior executive vice-president, wealth management.
• Sona Mehta, currently executive vice-president, real estate secured lending, everyday banking, saving and investing, will become group head, Canadian personal banking.
• Tim Wiggan, currently group head, wealth management and insurance, will become group head, wholesale banking, and president and CEO of TD Securities.

The above-mentioned leaders will report to Mr. Chun effective Nov. 1, 2024, along with: Barbara Hooper, group head, Canadian business banking; James Russell, president and CEO, TD Insurance; and Leo Salom, group head, U.S. retail banking, and president and CEO, TD Bank.

Along with Mr. Chun, the following members of the senior executive team will continue to report to Mr. Masrani:

• Ajai Bambawale, group head and chief risk officer;
• Melanie Burns, executive vice-president and chief human resources officer;
• Greg Keeley, senior executive vice-president, platforms and technology;
• Jane Langford, executive vice-president and general counsel;
• Christine Morris, senior executive vice-president, transformation, enablement and customer experience;
• Anita O'Dell, senior vice-president and chief auditor;
• Kelvin Vi Luan Tran, group head and chief financial officer.

"We have a strong bench of senior leaders and will execute a smooth and seamless CEO transition," added Mr. Masrani. "The anti-money laundering challenges we face took place on my watch as CEO and I take full responsibility. In the coming months, I will continue to advance and direct the critical remediation program required to meet our obligations and responsibilities and strengthen our risk and control foundation."

Conference call

TD Bank will host a conference call on Sept. 19, 2024, at 10 a.m. ET. The call will be audio webcast live through TD's website.

Audio webcast:  visit the bank's website

Toll-free dial-in number (Canada/United States):  1-800-806-5484

Local dial-in number:  416-340-2217

International participant passcode:  6440304 followed by the pound key

The audio webcast will be archived at the TD website. A replay of the teleconference will be available from 5 p.m. ET on Sept. 19, 2024, until 11:59 p.m. ET on Oct. 17, 2024, by calling 905-694-9451 or 1-800-408-3053 (toll-free), and the passcode is 3516335 followed by the pound key.

About Toronto-Dominion Bank

TD Bank is the sixth-largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian personal and commercial banking, including TD Canada Trust and TD Auto Finance Canada; U.S. retail, including TD Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in The Charles Schwab Corp.; wealth management and insurance, including TD Wealth (Canada), TD Direct Investing and TD Insurance; and wholesale banking, including TD Securities and TD Cowen. TD also ranks among the world's leading on-line financial services firms, with more than 17 million active on-line and mobile customers. TD had $1.97-trillion in assets on July 31, 2024.

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