TD Bank Group President and CEO Mike Pedersen will retire in the summer of 2017. TD named current Head of Corporate and Specialty Banking Greg Braca chief operating officer, effective November 1, 2016, reporting to Pedersen. Braca will succeed Pedersen as president and CEO on June 1, 2017.

Pedersen will remain an advisor to the bank for a period of time following this date.

Pedersen started his career with TD Bank Group in Toronto as group head, Corporate Operations, in 2007. He succeeded Bharat Masrani, as president and CEO in 2013.

“I want to thank Mike for leading the bank through some of the most challenging economic conditions in U.S. history. Through it all, he championed the customer experience, gave back to our communities and inspired our next generation of leaders,” said Bharat Masrani, group president and CEO, TD Bank Group. “Greg is emblematic of the deep bench we have at TD. He lives and breathes the TD brand and will continue to build on our momentum in the US.”

Braca joined TD in 2002 and has played a key leadership role in the bank’s growth, particularly in the Metro New York region. Prior to his role as head of Corporate and Specialty Banking, he served as the head of Retail and Commercial Banking in New York and was instrumental in building out the bank’s Consumer and Small Business, Government Banking and Middle Market Lending businesses.