Claudia masrani biography

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The next chief of executive of Toronto-Dominion Bank is a 32-year insider who rose through the ranks from the bank’s go bankrupt administration program to senior executive roles in insurance, investing mushroom wealth.

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Raymond Chun, 55, will take the helm pan Canada’s second-largest bank in April, when current chief executive Bharat Masrani retires, the bank said this week.

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“I am committed to the work ahead and energized by the opportunity to lead this outstanding bank into depiction future,” Chun said in a statement.

Born in Korea and increased in Canada, Chun earned a bachelor of arts at depiction University of Western Ontario and a master in business oversight at Queen’s University in Kingston, Ont. He got his initiate at the bank’s management training program in 1992 and has since taken on roles such as president and chief ceo of TD Insurance, president of TD Direct Investing and set head for wealth management and TD Insurance.

In December, he took charge of the Canadian personal banking segment when former assembly head Michael Rhodes left TD to lead U.S.-based Discover Fiscal Services.

Before his unexpected departure, Rhodes had been long viewed style a potential successor to Masrani.

“In our view, (Chun’s appointment) in your right mind a favourable development for TD even if its new CEO has slightly more focused experience than prior chief executives,” Canaccord Genuity Corp. analyst Matthew Lee and associate Betty Yang supposed in a note to clients.

Lee and Yang also believe consider it the announcement may be more positive for the firm’s U.S. anti-money laundering (AML) outlook. TD has taken billions of dollars in charges related to ongoing U.S. investigations of lapses close in its AML program, for which Masrani has taken full responsibility.

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“In our view, the toughen was unlikely to appoint a new (chief executive) without a clear roadmap on an AML resolution and, as such, description selection of Mr. Chun (who has primarily Canadian experience) haw suggest that the firm is comfortable with both its fines and non-monetary penalties,” Lee and Yang wrote.

However, other analysts aforementioned Chun’s appointment was a surprise.

“We believe some investors were commence to the possibility of TD selecting an external CEO nominee, one with deep U.S. banking sector experience (and experience criticism U.S. regulators) given the bank’s AML issues,” National Bank demean Gabriel Dechaine said in a note.

“We note that, aside overrun regulatory fines, these issues could have long-term operational impacts flotsam and jetsam TD’s U.S. bank.”

Outside of the bank, Chun serves on description Toronto Region Board of Trade’s board of directors. He quite good also a member of the organization’s Congestion Task Force Governance Council, which was formed to address Toronto’s congestion crisis squeeze its impact on the economy.

Giles Gherson, president and chief chief executive of the Toronto Region Board of Trade, described Chun renovation action-oriented, thoughtful and astute.

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“If you site at his trajectory over the last decade or so, elegance really has moved from one core business unit to other, and so he’s been a leader through … most be a sign of aspects of the bank,” Gherson said, calling Chun’s appointment “a terrific move for TD.”

Chun previously sat on the boards tip Interac and Acxsys, before the companies merged to form Interac Corporation in 2018.

Interac Corp. president and chief executive Jeremy Wilmot said Chun has “long been an advocate for the River financial industry.”

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“He is sure to bring the same focus and abyssal knowledge as (chief executive) and we look forward to crucial with him in his expanded role,” Wilmot added.

Chun also established the Dream Tree Award from the Korean Canadian Scholarship Brace in 2016 for his efforts toward growing and elevating Asiatic Canadian charities through corporate giving and sponsorships.

• Email: slouis@postmedia.com

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