TD Bank Group chief executive to retire

Posted: April 04, 2013

The president and chief executive of TD Bank Group, which competes with Wells Fargo for the top spot in Philadelphia-area deposit rankings, has announced his retirement effective Nov. 1.

Succeeding Ed Clark, who has led TD for 12 years and spearheaded aggressive U.S. growth, will be Bharat Masrani, who is based in Cherry Hill and currently heads TD's U.S. operations, the Toronto company said.

Mike Pederson, who currently heads TD's wealth management and other operations, will take over U.S. banking operations Nov. 1 and will relocate to Cherry Hill, the bank said.

TD bought the former Commerce Bank in 2008 for $7.1 billion.

   - Harold Brubaker

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