Capital markets veteran tapped to lead board
Toronto-Dominion Bank has named independent director John MacIntyre as board chair as the lender responds to heightened regulatory scrutiny and works to rebuild investor confidence.
He will replace Alan MacGibbon on September 1—earlier than the original year-end handover—following governance reforms triggered by a record US$3-billion penalty from US regulators for anti-money-laundering lapses.
“I am grateful for the board’s confidence,” MacIntyre said in a statement released Monday. “Alongside my fellow directors and in concert with our strong leadership team, I look forward to supporting TD’s strategy, further strengthening governance and delivering long-term value.”
The leadership transition follows the bank’s decision in January to accelerate the retirement of former chief executive Bharat Masrani, with Raymond Chun assuming the role on Feb. 1. MacGibbon had also described the money-laundering lapse as the “darkest day that we could have imagined” during TD’s annual meeting in April, where he issued a public apology to shareholders.
MacIntyre brings extensive experience to the role. He previously led the Canadian mid-market private equity group within TD Capital and later founded Birch Hill Capital Partners, a Toronto-based private equity firm. On Monday, Birch Hill and Brookfield Asset Management Ltd. announced a joint acquisition of First National Financial Corp., a Canadian mortgage lender.
TD highlighted MacIntyre’s background in financial services, global capital markets, technology and risk management as key assets for the board. He has also held positions on the boards of Maple Leaf Sports & Entertainment, YMCA Toronto, and the University Health Network Foundation.
The bank stated that the 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.”
Despite the regulatory challenges, TD’s stock has risen 34% so far this year, outperforming the S&P/TSX Composite Index, which is up 11%.
Veritas Investment Research analyst Shalabh Garg noted that nearly 60% of TD’s board will consist of new members by September, calling MacIntyre “a good candidate” for the role.
All 14 board nominees were elected at TD’s annual shareholder meeting this year, though MacGibbon received the lowest level of support.
