TD Paid Ex-CEO $2.2 Million to Advise on Compliance Efforts
TL;DR
TD Bank paid ex-CEO Bharat Masrani $2.2 million for anti-money-laundering advice, while new CEO Raymond Chun received $14.6 million in compensation, reflecting a strategic shift and remediation focus.
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Toronto-Dominion Bank paid former Chief Executive Officer Bharat Masrani C$3 million ($2.2 million) last year to advise on its anti-money-laundering remediation efforts.
Masrani, who was succeeded by Raymond Chun in February 2025, “continues to receive certain health and other benefits, office and administrative support,” TD said Tuesday in a proxy filing. Masrani’s total compensation for the year was C$3.6 million.
Chun, meanwhile, received C$14.6 million in total compensation. His direct pay was C$2.3 million above target, with the board citing his renewed strategy, “intense focus on remediation,” and accountability, among other things, according to the filing.
That’s a sharp increase from the C$1.6 million that Masrani was paid for 2024, when he received almost no variable compensation beyond his base salary, after the bank agreed to pay almost $3.1 billion of fines as part of a settlement with US authorities.
Read More: TD Speeds CEO Handoff, Cuts Pay for More Than 40 Executives