U.S. Markets closed

TD Bank Group CEO to retire, replacement named

NEW YORK (AP) -- TD Bank Group said Wednesday that its president and CEO plans to retire next year after 12 years of leading the Canadian bank holding company and named a current executive as his replacement.

Ed Clark's departure will be effective Nov. 1, 2014. He will be 67 at that time and remain a director on the company's board until its 2015 annual meeting, TD Bank said.

As part of the company's succession plan, Bharat Masrani will become chief operating officer, TD Bank Group, effective July 1. He's expected to named group president and CEO on Nov. 1, 2014.

Masrani, 56, currently serves as the company's head of U.S. personal and commercial banking, and president and CEO of its TD Bank subsidiary.

Mike Pedersen, the company's head of wealth management, insurance and corporate shared services, will replace Masrani, effective July 1, and relocate to Cherry Hill, N.J.

Tim Hockey, TD Bank Group's head of Canadian banking, auto finance and credit cards, and president and CEO of TD Canada Trust, will take over responsibility for wealth management in addition to his current duties in July 2013, the company said.