TD Bank Overhauls Executive Team and Board of Directors, Appoints John MacIntyre as New Chair

TD Bank has appointed John MacIntyre as its new board chair, replacing Alan MacGibbon who is retiring on Sept. 1. This move caps a year-long overhaul of TD's executive team and board of directors following a money laundering scandal in the US. The new chair is a well-known figure in financial circles and is part of a shakeup that favors outsiders and executives not central to TD's governance over the past decade. TD's shares have jumped 29% since announcing the overhaul in January.

Toronto-Dominion Bank (TD Bank) has named John MacIntyre as its new board chair, replacing Alan MacGibbon who is set to retire on September 1. This appointment marks the culmination of a year-long overhaul of TD's executive team and board of directors, triggered by a high-profile money laundering scandal in the United States.

MacIntyre, a seasoned board director with a background in capital markets and private equity, brings deep financial expertise and governance experience to the role. He has been a TD director since August 2023 and previously served as a director on multiple other boards, including CCM Hockey and HomeEquity Bank. His appointment is part of a broader shakeup at TD, which has favored outsiders and executives not central to the bank's governance over the past decade.

The appointment comes amid significant changes at TD, including the acceleration of the CEO transition and the retirement of several long-serving directors. In January, TD expedited the exit of former CEO Bharat Masrani and named Raymond Chun as the new CEO. Since then, TD's shares have jumped 29%, outpacing the S&P/TSX Composite Index's 11% rise [1].

The governance changes follow TD's role in the money laundering scandal, which led to a historic $3 billion fine by regulators. In October 2024, TD pleaded guilty to multiple charges and agreed to pay $3.09 billion in fines, as well as accept limits on its growth in the U.S. [2].

TD has also been working to upgrade its anti-money laundering (AML) systems and add staff, an expensive task that is necessary to remove the asset cap on its U.S. business. The bank has sold its stake in U.S. investment dealer Charles Schwab Corp. for about $14 billion, earmarking the proceeds for share buybacks and investments in other businesses [3].

Chair-elect MacIntyre's appointment aligns with TD's efforts to forge a new path forward, with Raymond Chun holding an investor day this fall to provide a strategy roadmap for his tenure. The timing of the investor day coincides with MacIntyre's assumption of the board chair role, signaling a united front as TD navigates its post-scandal recovery.

References:
[1] https://www.amlintelligence.com/2025/07/news-john-macintyre-named-as-new-td-bank-chair/
[2] https://www.marketscreener.com/news/td-bank-names-john-macintyre-as-chair-to-succeed-alan-macgibbon-update-ce7c5fd8dc88fe22
[3] https://www.theglobeandmail.com/business/article-td-bank-chair-team-overhaul/