From the Philadelphia Business Journal
Mike Pedersen will retire as CEO of TD Bank, the U.S. banking arm of TD Bank Group, one of the top 10 largest U.S. banks by deposits.
Effective June 1, 2017, Pedersen, 56, will be succeeded by Greg Braca, who is currently head of corporate specialty banking. Braca will become chief operating officer of the Cherry Hill, New Jersey-based bank on Nov. 1 and transition into the CEO role next summer. Pedersen will remain an advisor to the bank for a period of time after the transition is complete.
“I want to thank Mike for leading the Bank through some of the most challenging economic conditions in US history,” TD Bank Group CEO Bharat Masrani said in a statement. “Through it all, he championed the customer experience, gave back to our communities and inspired our next generation of leaders. Greg is emblematic of the deep bench we have at TD. He lives and breathes the TD brand and will continue to build on our momentum in the US.”
Pedersen has been serving as TD Bank U.S. CEO since July 2013, when he was elevated as part of a domino effect started by the retirement of TD Bank Group CEO Ed Clark. Masrani, then CEO of TD Bank U.S., succeeded Clark. Pederson came from Toronto to Cherry Hill to replace Masrani.
Pedersen’s background came largely on the fee product side. From the company’s corporate headquarters in Toronto, he was running TD’s wealth management and insurance businesses, as well as the bank’s corporate shared services (IT, real estate, strategic sourcing, corporate security, and the project management office) before landing the CEO job.
Before joining TD in 2007, he worked in London where he ran Barclays’ global private bank and two other international businesses. Prior to that, he spent 12 years at CIBC, where he held senior executive roles in retail and business banking.
Braca joined TD in 2002, and has played a key role in the bank’s growth, particularly in the New York metro region, where he once served a head of retail and commercial banking.
TD Bank is the second largest bank by deposits in the Philadelphia region and one of the 10 largest U.S. banks by deposits. TD Bank Group (NYSE: TD) is the second-largest Canadian banking company by assets.
