UPDATE 3-TD CEO Clark to retire in 2014, Masrani to succeed him

Wed Apr 3, 2013 2:14pm EDT
 
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* Masrani to become COO in July, CEO in November 2014

* Does not see a shift in vision

* Investors do not expect disruption from succession

* Shares down 1.4 percent, in line with peers

By Andrea Hopkins

TORONTO, April 3 (Reuters) - Ed Clark, who transformed Toronto-Dominion Bank from a struggling Canadian lender into one of the largest retail banks in North America, will step down next year and hand the reins to the bank's U.S. unit leader, Bharat Masrani.

The handover, part of a larger changing of the guard taking hold in the Canadian banking sector, comes earlier than expected, but does not suggest a change in direction for Canada's second-largest lender, Masrani told Reuters.

"I don't see a change in vision," said Masrani, who had been seen as one of two likely successors to Clark. Tim Hockey, who runs TD's Canadian retail bank, was the other.

"We're a growth-oriented bank and we would like to grow all our businesses in all of the markets we are in," Masrani said.   Continued...