Bloomberg News

Toronto-Dominion’s Clark in ‘Final Years’ as Bank Chief

March 29, 2012

Toronto-Dominion Bank (TD) Chief Executive Officer Edmund Clark, who turns 65 in October, said he’s in his “final years” as head of Canada’s second-largest lender.

“I am in no hurry to leave,” Clark said today at the company’s annual shareholders meeting in New York. “My passion is still incredible for this business and our brand.”

Clark joined Toronto-Dominion in 2000 through the bank’s acquisition of CT Trust Financial Services Inc., where he was CEO. He was promoted to the top job in 2002, replacing Charles Baillie. Toronto-Dominion Chairman Brian Levitt said the Toronto-based bank will make announcements on succession when appropriate, adding that the company hopes an internal candidate will replace Clark.

“The board is confident that Ed’s successor will be internal and will carry on with the same vision and values,” Levitt said in Toronto, where the annual meeting is being simulcast.

Clark’s legacy at Toronto-Dominion includes exiting a structured-products business years before the financial crisis and expanding into U.S. consumer banking. Toronto-Dominion spent more than $25 billion on U.S. acquisitions since 2004, and now has more locations in the U.S. than in Canada.

Maine to Florida

Toronto-Dominion is now “the eighth-largest bank in the U.S., with over 7 million customers from Maine to Florida,” Clark said today, adding that the lender’s market value has tripled since 2002.

Clark, who holds a doctorate in economics from Harvard University, is the highest-paid bank CEO in Canada. He was awarded C$11.4 million in compensation for last year. This month, Clark was named to Barron’s Best CEO List.

Clark reiterated plans to become the third-largest lender in New York City, where the company will open about 50 branches during the next four years.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net. TD CN <Equity> CN


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