TD Bank reduces 41 executive pay and expedites the CEO replacement process.

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TD Bank Group  announced Friday  that CEO-designate Raymond Chun  will be  named to the role on Feb. 1,  several months  ahead of schedule, and  will cut the  pay of 41 executives, including its outgoing  chief executive.
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Last month, the Canadian bank warned  it faced a  tough 2025 and suspended its medium-term  profit forecast  while it  implemented its anti-money laundering program following a U.S. regulatory  probe.
TD also said it would  conduct a strategic review that would include  a reassessment of growth opportunities, productivity initiatives and  areas where it  should invest or  divest.
In October, it became the largest bank in U.S. history to plead guilty to violating a federal law  designed to prevent money  laundering and agreed to pay more than  $100,000 to Chun to replace  one-time CEO Bharat Masrani, who took  over the bank in  2015. 2014. The bank  has reduced Masrani's total compensation by 89  percent, from $13.27 million in  2023 to $1.5 million in  2024.
In his first appearance as  the new CEO at a banking conference in Toronto in January, Chun  discussed the bank's strategic  review, which could include  selling its stake in Charles Schwab and  possibly exiting some portfolios. Chun also said he  plans to hold an investor  meeting later in  2025.
"Ray has  acted quickly and decisively to  initiate a review of our strategy,  operations and  investments and has engaged with  clients, customers and colleagues across the Bank,"  said Alan MacGibbon, TD's chairman of  the board.
Masrani will  remain in  the advisory  role until July 31, the bank said. TD had previously announced  Chun's transition date as April 10.

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