(Reuters) -TD Bank has named independent director John MacIntyre as the new chair of its board, as the Canadian lender turns to a new guard to bolster oversight and reassure investors.
MacIntyre will succeed Alan MacGibbon, who will retire on September 1, following a stint that lasted more than a year, the bank said on Monday.
The lender is undergoing a broader makeover as it complies with a U.S. government-ordered anti-money laundering remediation program, following a historic $3 billion fine by regulators for lapses in its systems.
TD expedited the exit of former CEO Bharat Masrani in January and slashed his annual pay, with current chief Raymond Chun stepping into the role on February 1, two months ahead of the original timeline.
While all 14 of TD’s board nominees were elected at its annual shareholder meeting earlier this year, outgoing chair MacGibbon drew the lowest level of support.
The bank said its new chair’s “deep financial expertise and governance experience will support the board as it continues to prioritize strong oversight and long-term value creation.”
So far this year, TD’s shares have gained 34%, while the benchmark S&P/TSX Composite Index has risen 11%.
(Reporting by Niket Nishant in Bengaluru; Editing by Vijay Kishore)
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