[ad_1]
Toronto-Dominion Bank’s head of Canadian personal banking Michael Rhodes is leaving after leading the lender’s largest business for almost two years, prompting a leadership shakeup.
Mr. Rhodes is departing for “an opportunity at another organization,” according to a press release Thursday. Canada’s second-largest lender is tapping head of wealth Raymond Chun as Mr. Rhodes’ successor and promoting capital markets executive Tim Wiggan to lead the wealth business.
“I want to thank Michael for his many contributions to TD’s success and wish him the very best for the future,” chief executive officer Bharat Masrani said in a statement.
Executives who oversee the personal and commercial banking units at the major banks are often considered to be potential successors for the top seat of chief executive officer. The leadership shakeup comes as Mr. Masrani enters his tenth year at the helm of the bank. The CEOs of Canada’s largest lenders typically serve a decade-long term.
As the head of TD’s personal and commercial business in Canada, Mr. Rhodes led the bank’s largest business, which generates more than a third of the lender’s revenue. He took on the role in January, 2022, after leading the innovation, technology and shared services division for four years. He has also led the consumer bank and wealth management business in the bank’s U.S. division, and the North American credit card and merchant services unit.
“At TD, we have a depth of talent and a strong leadership bench, and I am pleased to announce the following changes,” Mr. Masrani said in an internal memo viewed by The Globe and Mail.
Mr. Chun, who has worked at TD for more than 30 years, steps into the role as head of Canadian personal banking effective immediately. Prior to his role as the head of wealth and insurance, he was the president of direct investing and wealth delivery, as well as president and CEO of TD insurance. He has also worked in personal banking products, branch banking, TD Waterhouse’s private client services, direct channel sales, and other businesses.
“His proven leadership and knowledge of the retail market will help Ray drive the continued growth in Canadian Personal Banking,” Mr. Masrani said in the internal memo.
Mr. Wiggan, TD Securities vice chair and co-head of global investment banking, is taking on the job of head of wealth and insurance, joining Mr. Masrani’s most senior leadership team. He also advised on TD’s acquisition of New York-based investment bank Cowen Inc.
In his more than 25 years at the bank, Mr. Wiggan has worked in roles spanning the capital markets business, including co-head of global markets and head of equities and commodities. He also spent four years as the CEO of TD Asset Management in the wealth division.
TD said that the executives were not available to comment.
[ad_2]
Source link