July 28 (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 September 1 rather than on December 31, as previously announced.
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 for lapses in its systems.
TD had already expedited the exit of 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 schedule.
MacIntyre, a former TD executive who founded the Canadian mid-market Private Equity Group within TD Capital, is also the founder of Birch Hill Capital Partners, a Toronto-based mid-market private equity firm.
His expertise lies in financial services, global capital markets, technology and risk management, TD said.
"He also has a lot of board experience ... overall, it seems like they have chosen a good candidate to pick up the chair," said Veritas Investment Research analyst Shalabh Garg.
While all 14 of TD's board nominees were elected at its annual shareholder meeting this year, MacGibbon drew the lowest level of support.
By September, about 60% of the board will be new arrivals since 2023, Garg noted.
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 and Kevin Liffey
Source: Reuters