The country’s second largest bank is getting a new CEO.
TD president and CEO Ed Clark will be stepping down when his current contract expires in April of 2013, according to bank chairman Brian Levitt. The announcement came during the company’s annual meeting on Thursday. Clark will be replaced by an internal successor.
Clark, who turns 65 next year, has been at the bank’s helm since 2002, and has been credited for its successful U.S. expansion (the bank’s U.S. division now services over 7.8 million customers in some 1,270 branches).
For his trouble, Clark has been handsomely awarded: Clark was the highest paid of the five largest Canadian retail bank CEOs last year, taking home $11.4-mln.
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May Jeong is Toronto Standard’s business editor.
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