Mike Pedersen, president and CEO of TD Bank, has informed the bank of his plan to retire by summer of 2017, according to a news release.
To replace him is Greg Braca, who currently heads the bank’s corporate and specialty banking division. Braca will report to Pedersen as COO of TD Bank effective Nov. 1. On June 1, 2017, Braca will succeed Pedersen as president and CEO, a short time after which Pedersen will serve as an advisor to the bank.
Pedersen’s career with TD Bank Group started in 2007, when he served as group head of corporate operations in Toronto. In 2013, he succeeded Bharat Masrani as TD Bank president and CEO, after which the US business has outpaced the competition in growth.
"I want to thank Mike for leading the bank through some of the most challenging economic conditions in US history. Through it all, he championed the customer experience, gave back to our communities and inspired our next generation of leaders," said Bharat Masrani, who is the current group president and CEO of TD Bank Group.
"It has been an honor to lead a bank that is so focused on taking care of its customers, communities and colleagues," Pedersen said. "Greg is an inspirational leader and I look forward to working with him during this seven-month transition period."
Since Braca joined TD in 2002, he has been a major leader in the bank’s growth. Prior to his position in Corporate and Specialty Banking, he was head of retail and commercial banking in New York, playing a key role in expanding the bank’s consumer and small business, government banking, and middle market lending businesses in the region.
"I look forward to working with Mike during the transition and partnering with the senior leadership team to deliver on our vision for the bank," Braca said. "TD Bank's vibrant culture and commitment to customers have enabled us to become a top 10 bank in the United States. Our strong brand, differentiated customer experience and dedicated colleagues will help us build upon this success."
TD Bank Group to sell direct investing business
TD and CIBC post third quarter earnings