Bob Dorrance, chairman, CEO and president of TD Securities, will retire from the positions of CEO and president on Sept. 1 and Riaz Ahmed will become president and CEO of TD Securities as well as group head of wholesale banking. In addition, Kelvin Tran, executive vice president of enterprise finance for the bank, will become CFO of TD Bank Group and join the senior executive team. Barbara Hooper, executive vice president of corporate development, treasury and strategic development, also will join the executive team and Moti Jungreis and Robbie Pryde will become executive vice chairs of TD Securities.
Dorrance’s retirement comes after a more than 40-year career, including time spent serving as head of TD Securities since 2005. He will remain chairman of TD Securities and also will serve as special advisor to Bharat Masrani, group president and CEO of TD Bank Group.
“Bob is an exceptional leader, whose insight and counsel are sought by CEOs, boards and market participants around the world. Over the past two decades, he has been a key architect of TD Securities’ growth, introducing new innovations and advancing a globally competitive client-centric strategy. He has also mentored an entire generation of capital markets and banking professionals and built a globally recognized leadership team,” Masrani said. “I am very pleased that Bob has agreed to stay on as chairman of TD Securities, where he will continue to provide his expertise and advice to the dealer, the bank and the TD leadership team.”
“The team at TD Securities is second to none, with capable leaders and a long history of delivering for our clients. It has been my privilege to work side by side with some of the best talent in our industry,” Dorrance said. “I look forward to supporting Riaz and the team as they write the next chapter of TD Securities’ story. I want to thank my colleagues, the clients we’ve served and everyone I’ve been fortunate to work with throughout my career and wish them all continued success.”
In his new role, Ahmed, who has served as group head and CFO of TD Bank Group, will report to Masrani.
“Over the past 25 years, Riaz has been a key contributor to TD’s success, helping build the bank, lead key businesses and drive profitable growth,” Masrani said. “Technological progress and new market dynamics continue to transform the securities industry, and I am confident that Riaz and the TD Securities team will continue to build on our competitive advantages, serve our clients and chart future growth.”
A member of the bank’s senior executive team since 2009 and CFO since 2016, Ahmed helped shape TD Bank’s entry and growth in the U.S. market, overseeing the acquisition of several banks and asset portfolios. He also led TD Bank’s insurance and credit card businesses, expanding their scale and capabilities organically and through strategic partnerships.
“Bob and the TD Securities team have built a top dealer that is globally competitive, with strong client relationships and industry-recognized capabilities,” Ahmed said. “I look forward to working with the talented team of leaders and professionals at TD Securities to build on this success and continue to drive growth in an increasingly complex and changing environment.”
Jungreis, vice chair and head of global markets, and Pryde, vice chair and head of corporate and investment banking, will both report to Ahmed in their new roles as executive vice chairs of TD Securities.
Tran, who has been with TD for more than 20 years, will report to Masrani in his new role as CFO. He has served as CFO of TD Bank, chief auditor and chief accountant of TD Bank Group, CFO of TD Securities and senior vice president of treasury and balance sheet management. He also has been a strong voice for inclusion, working to advance the bank’s diversity and inclusion journey and make a positive impact in the communities TD Bank serves.
Hooper, who has been with TD for more than 25 years, also will report to Masrani in her new role. She has been treasurer of TD Bank Group since 2015 and led acquisitions and global corporate development strategies and spent more than a decade in client-facing roles within TD Securities. In recognition of her achievements, Hooper was named one of Canada’s Top 100 Most Powerful Women by the Women’s Executive Network in 2018.
“I have worked closely with these leaders for many years. I have enormous confidence in their leadership and in the important contributions they will continue to make to our future,” Masrani said.
