TD names next board chair
Dive Brief:
TD Bank has tapped John MacIntyre as the chair of its board, effective Sept. 1, the lender said Monday, as it continues making changes to reassure investors.
MacIntyre will replace Alan MacGibbon, who became chair of the board in February 2024. MacGibbon will retire, which the bank announced in January.
MacIntyre has served as an independent director on the board since 2023 and chairs its human resources committee.
Dive Insight:
The Toronto-based lender's latest appointment aligns with its strategy to hire executives with strong regulatory experience, as the bank has started overhauling its leadership team amid an anti-money laundering scandal that resulted in more than $3 billion in penalties and a $434 billion asset cap on the bank's U.S. retail operations.
MacIntyre has had a 30-year career in capital markets. Prior to joining TD, he retired as a partner emeritus from Birch Hill Capital Partners, which he co-founded in 2005. He has also served on public, private and nonprofit boards, including those of Park Lawn Corp., HomeEquity Bank, Maple Leaf Sports and Entertainment, YMCA Toronto and the University Health Network Foundation.
TD aims to benefit from MacIntyre's 'deep understanding of financial services, global capital markets, technology, and risk management,' the bank said in the press release.
'Alongside my fellow directors and in concert with our strong leadership team, I look forward to supporting TD's strategy, further strengthening governance, and delivering long-term value,' MacIntyre said in a statement Monday, thanking MacGibbon for his contribution to the board and the bank.
Earlier this month, TD hired Andrew Jensen, a veteran of the Treasury Department, as head of financial crime risk management in Canada, effective July 14. He replaced Stephen Joyce, who had been serving as the interim head of the unit.
In January, TD's now-CEO Raymond Chun, who at that time was soon to replace outgoing CEO Bharat Masrani, said the bank 'rebuilt' its AML team in the U.S. with a new head of U.S. financial crimes and risk management. Chun stressed the importance of lessons learned from the debacle, including the significance of experienced staff.
'You need to have talent that is commensurate with the size and complexity of a bank [like] TD,' Chun said in January. 'Talent at the most senior levels in AML is absolutely one of the top priorities that we have as an organization.'
Following the AML scandal and the penalty, TD expedited its CEO succession date to February — two months before Masrani's scheduled departure in April.
In April, TD named four new members to its board of directors: Elio Luongo, Nathalie Palladitcheff, Frank Pearn and Paul C. Wirth. Pearn has served as a compliance and risk executive at JPMorgan Chase, while Wirth has been a finance and accounting executive at Morgan Stanley.
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.
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