TORONTO and CHERRY HILL, NJ, Oct.
27, 2016 /PRNewswire/ - TD Bank Group (TSX and NYSE:
TD) today announced that Mike
Pedersen, President and Chief Executive Officer of TD Bank,
America's Most Convenient Bank, has informed the Bank of his
intention to retire in the summer of 2017.
TD has named Greg Braca, current
Head of Corporate and Specialty Banking, as Chief Operating Officer
of TD Bank, America's Most Convenient Bank effective November 1, 2016, reporting to Pedersen. TD also
announced its intention that Braca will succeed Pedersen as
President and CEO on June 1,
2017. Pedersen will remain an advisor to the Bank for a
period of time following this date.
"It has been an honor to lead a Bank that is so focused on
taking care of its customers, communities and colleagues," Pedersen
said. "Greg is an inspirational leader and I look forward to
working with him during this seven-month transition period."
Pedersen started his career with TD Bank Group in Toronto as Group Head, Corporate Operations,
in 2007. He succeeded Bharat Masrani, as President and CEO of TD
Bank, America's Most Convenient Bank in 2013. Under his
leadership, the US business has outgrown the competition and made
excellent progress.
"I want to thank Mike for leading the Bank through some of the
most challenging economic conditions in US history. Through
it all, he championed the customer experience, gave back to our
communities and inspired our next generation of leaders," said
Bharat Masrani, Group President and CEO, TD Bank Group. "Greg
is emblematic of the deep bench we have at TD. He lives and
breathes the TD brand and will continue to build on our momentum in
the US."
Braca joined TD in 2002, and has played a key leadership role in
the Bank's growth, particularly in the Metro New York region. Prior
to his role as Head of Corporate and Specialty Banking, he served
as the Head of Retail and Commercial Banking in New York, and was instrumental in building out
the Bank's Consumer and Small Business, Government Banking and
Middle Market Lending businesses in this key growth market.
"I look forward to working with Mike during the transition and
partnering with the senior leadership team to deliver on our vision
for the Bank," said Braca. "TD Bank's vibrant culture and
commitment to customers have enabled us to become a top 10 bank in
the United States. Our strong
brand, differentiated customer experience and dedicated colleagues
will help us build upon this success."
About TD Bank Group
The Toronto-Dominion Bank and its
subsidiaries are collectively known as TD Bank Group ("TD" or the
"Bank"). TD is the sixth largest bank in North America by
branches and serves approximately 25 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in TD Ameritrade; and Wholesale Banking, including
TD Securities. TD also ranks among the world's leading online
financial services firms, with approximately 10.8 million active
online and mobile customers. TD had CDN$1.2 trillion in assets on July 31,
2016. The Toronto-Dominion Bank trades under the symbol "TD" on
the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group