Newly announced: Board chair successor for TD
TD Bank has made significant changes to its leadership team following an anti-money laundering (AML) scandal that resulted in a historic $3 billion fine by U.S. regulators. The bank expedited the departure of former CEO Bharat Masrani in January 2025, advancing the leadership transition earlier than planned.
Raymond Chun, previously the group head of Canadian personal banking, succeeded Masrani as CEO on February 1, 2025. John MacIntyre, an independent director since 2023 and chair of the board’s Human Resources Committee, was appointed as the Chair of TD Bank’s Board of Directors, effective September 1, 2025. MacIntyre was named to bolster governance oversight and reassure investors amid the remediation efforts required by the AML program.
John MacIntyre brings a wealth of experience to his new role. He has a 30-year career in capital markets, including serving as a partner emeritus at Birch Hill Capital Partners, which he co-founded in 2005. MacIntyre has also served on public, private, and nonprofit boards, including Park Lawn Corp., HomeEquity Bank, Maple Leaf Sports and Entertainment, YMCA Toronto, and the University Health Network Foundation.
In January, Chun stated that the bank "rebuilt" its AML team in the U.S., and TD Bank announced the hiring of Andrew Jensen as head of financial crime risk management in Canada, effective July 14. Jensen replaced Stephen Joyce, who had been serving as the interim head of the unit.
As part of its broader restructuring move, TD announced in May that it would cut roughly 2% of its workforce and wind down a $3 billion portfolio tied to its U.S. point-of-sale financing business. The bank also announced the appointment of four new members to its board of directors in April: Elio Luongo, Nathalie Palladitcheff, Frank Pearn, and Paul C. Wirth. Pearn has served as a compliance and risk executive at JPMorgan Chase.
The changes at TD Bank's leadership team are in response to the AML scandal and the penalty. TD aims to benefit from MacIntyre's expertise in financial services, global capital markets, technology, and risk management as it works to reassure investors and drive long-term value creation during this period of transformation.
In a statement on Monday, John MacIntyre expressed gratitude to Alan MacGibbon, who is retiring after serving as chair since February 2024. TD Bank is making changes as part of an ongoing strategy to strengthen its leadership and governance in the wake of the AML scandal.
TD Bank is making changes to its leadership and governance in response to the AML scandal and historic penalty, with a focus on strengthening its wealth-management, personal-finance, and business operations. John MacIntyre, the new Chair of TD Bank’s Board of Directors, brings extensive experience in capital markets, risk management, and compliance, which the bank plans to leverage as it works to reassure investors and drive long-term value creation during this period of transformation.
