Mike Pedersen will retire as CEO of TD Bank, the U.S. banking arm of TD Bank Group.
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.”
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