The Globe and Mail reports in its Friday edition that TD Bank has named relatively unknown insider Raymond Chun as its next chief executive officer. A triple-bylined item led by Tim Kiladze says that currently the head of Canadian personal banking, TD's most profitable division, Mr. Chun will become chief operating officer effective Nov. 1 and then take over as CEO at the bank's next annual meeting in April. Mr. Chun's ascent caps a period of executive change at the bank. Over the past three years, a growing number of executives have departed TD. Canadian bank CEOs tend to retire after a decade and Bharat Masrani has been in the role for 10 years. TD has been embroiled in a money-laundering scandal in the United States and recently set aside $3-billion (U.S.) to cover financial penalties. The bank is under investigation by three separate U.S. regulators, as well as the Department of Justice. TD has also suffered from a cultural erosion that has stifled financial performance. Inside TD, conservatism has dominated and dense layers of bureaucracy have hindered decision-making. TD's stock has suffered over the past two years; institutional investors and analysts have suggested an outsider might be best for the job.