Toronto-Dominion Bank named John MacIntyre to lead its board of directors as the firm seeks to turn the page on several years of turmoil stemming from its
MacIntyre, 69, who is partner-emeritus and co-founder of Toronto-based private equity firm Birch Hill Capital Partners Management, has been a director of the bank since 2023 and will become chair of the board on Sept. 1, Toronto-Dominion said in a statement Monday.
The bank has been conducting a search since announcing in January that Alan MacGibbon would step down from the job and five other directors would leave in April at the annual meeting.
MacGibbon, also 69, a longtime director of the bank, took over as chair in February 2024. He was in that role when Toronto-Dominion pleaded guilty to conspiracy to commit money laundering and reached a $3.1 billion settlement with US authorities.
During the company’s April shareholder meeting, MacGibbon apologized to investors, calling the settlements “extraordinarily painful” for the bank. Toronto-Dominion is committed to change, he said at the time, citing board renewal and other steps aimed at taking accountability.
The bank also accelerated its executive succession timeline, with new Chief Executive Officer Raymond Chun taking the top job in February, almost three months earlier than planned. Former CEO Bharat Masrani stayed on with the bank as an adviser, a role that was set conclude at the end of this month.
Chun is leading a strategic review that’s already seen the bank sell its stake in Charles Schwab for $14 billion, announce a restructuring program and promise to find new areas for growth. He’ll update shareholders at an investor day on Sept. 29.
“I look forward to supporting TD’s strategy, further strengthening governance, and delivering long-term value,” MacIntyre said in the statement.
The new chair has long ties to the bank, having worked for TD Securities in the late 1980s. Before that, he worked for Ernst & Young and he’s been a director of several public, private and not-for-profit boards, including Maple Leaf Sports & Entertainment, HomeEquity Bank and CCM Hockey.