TD hires COO and new general counsel amid executive departures

The Toronto-Dominion Bank, known as TD Bank, is making big changes at the top. On September 10, 2025, the bank announced new hires for key roles. It hired a new chief operating officer (COO) from HSBC. It also named a new general counsel. These moves come as several executives leave the company. This shake-up happens during tough times for TD. The bank faces issues from a major anti-money laundering scandal. It paid huge fines in the U.S. Now, under new CEO Raymond Chun, TD wants to fix things and focus on better operations. These hires and departures show a big push for change. Let’s look at what happened, who these people are, and why it matters.

This news is important for investors and customers. TD is one of Canada’s biggest banks. It has a strong presence in the U.S. too. The executive changes aim to build trust and improve how the bank runs. They come just before an investor day in late September. There, TD will share its plans for the future.

The New COO: Taylan Turan Joins from HSBC

TD hired Taylan Turan as its new COO and senior executive vice president. He will start on September 29, 2025. Turan comes from HSBC Holdings Plc. There, he spent 16 years. His last role was global chief executive of retail banking. Before that, he led big parts of HSBC’s operations in places like the Middle East and North Africa. He also worked on global payments and technology.

At TD, Turan will report to CEO Raymond Chun. His job will be to oversee daily operations. This includes technology, risk management, and making sure the bank runs smoothly. Chun was the COO before he became CEO in February 2025. Now, Turan steps in to fill that spot. This is an outside hire, which is not common for such a key role. It shows TD wants fresh ideas from global experience.

Why Turan? Experts say his background fits TD’s needs. HSBC is a global giant. Turan helped transform its retail banking. He focused on digital tools and customer service. TD needs that now. The bank has struggled with old systems and compliance problems. Turan’s skills in operations and tech could help fix them. He has led teams in tough markets. This experience will help TD deal with its U.S. issues and grow in Canada.

In a statement, Chun praised Turan. He said Turan brings “deep expertise in operations and a proven track record of driving transformation.” Turan himself is excited. He wants to help TD become a “bank for the future” with top talent and strong client focus.

This hire is part of Chun’s plan. Since he took over, Chun has made changes to cut bureaucracy. Under the old CEO, Bharat Masrani, TD added too many layers. This slowed decisions. Now, Chun wants faster action and better execution.

The New General Counsel: Simon Fish Takes Over Legal Team

Along with the COO hire, TD named Simon Fish as its new general counsel. He will start on September 15, 2025. Fish comes from Bank of Montreal (BMO). He was BMO’s general counsel for 13 years. Before BMO, he worked at Royal Dutch Shell, Inco Ltd., and Vale. His career spans mining, energy, and finance. He has worked in Africa, Europe, Canada, and the U.S.

Fish replaces Jane Langford. She has been TD’s general counsel for three years. Before that, she was at TD for 10 more years. Langford told the bank she wants a new challenge outside TD. She will stay until the end of 2025 as a special advisor. This will help with a smooth handover. During her time, Langford handled complex legal issues. She advised the CEO and board. She also built up TD’s legal team.

Fish brings strong credentials. He holds degrees from the University of Cape Town, American University in Washington, D.C., and Harvard Business School. He was named Canada’s General Counsel of the Year. He is also one of Canada’s Top 25 Most Influential Lawyers. And he is a Catalyst Canada Honours Champion for diversity.

Why hire Fish now? The timing is key. TD is in the middle of regulatory troubles. The bank needs top legal advice to fix its anti-money laundering (AML) problems. Fish’s experience at BMO, another big Canadian bank, will help. He knows how to manage legal risks in finance. At BMO, he dealt with compliance and global issues. This fits TD’s needs as it rebuilds trust with regulators.

Chun said Fish is a “seasoned leader” who will strengthen TD’s legal function. Fish looks forward to joining. He wants to support TD’s growth while keeping high standards.

Like the COO hire, this is from outside. It shows TD is looking beyond its walls for talent. This could bring new ways to handle legal challenges.

Executive Departures: Who Is Leaving and Why

These new hires come amid several executive departures. This is not just one or two people. It’s a wave of changes.

First, Jane Langford is leaving as general counsel. As mentioned, she seeks new opportunities after 13 years at TD. Her exit is planned. She will advise until year-end.

Second, Christine Morris is retiring. She is senior executive vice president of transformation, enablement, and customer experience. Morris has been with TD for 36 years. She started in entry roles and rose up. Her retirement is set for December 2025. She helped lead big changes in how TD serves customers.

Third, there are other moves. Paul Whitehead, a 37-year TD veteran, will become executive vice president and global head of client and colleague experience and marketing. This starts in December. He began as a teller and climbed the ranks. Now, he takes on a bigger role focused on clients and staff.

Earlier in 2025, there were more departures. In May, three vice presidents left the AML team. They were Sohana Inderlall (VP of risk and business control), Caitlin Riddolls (VP of risk oversight for Canadian banking), and Rick Hamilton (VP of data and model management). This was part of changes under new AML chief Jacqueline Sanjuas. She started in January after Herbert Mazariegos left suddenly.

Back in January 2025, TD sped up its CEO transition. Bharat Masrani retired early. Raymond Chun, then COO, became CEO on February 1. This was amid the AML scandal.

These departures are linked to the scandal. In 2024, U.S. regulators fined TD a record $3.1 billion for AML failures. The bank let dirty money flow through its systems. It involved drug cartels and other crimes. Regulators said TD’s controls were weak. As a result, 41 executives got pay cuts totaling $30 million. Some left because of this pressure.

The departures create holes in leadership. But TD says they are filling them with strong talent. This helps with succession planning, which was messy before.

The Context: AML Scandal and Leadership Overhaul

To understand these changes, we need the big picture. TD has been hit hard by its AML problems. In September 2024, U.S. authorities charged TD with letting $673 million in illicit funds pass through. The bank pleaded guilty. It agreed to fix its systems. This led to the huge fine – the biggest ever for a Canadian bank.

The scandal hurt TD’s reputation. Shares dropped. Customers and investors worried. Regulators in Canada and the U.S. watched closely. TD had to report progress on fixes.

Under Masrani, who led for 10 years, TD grew fast in the U.S. But it added bureaucracy. This slowed responses to risks. Highly respected leaders left before the scandal. This upset succession.

Now, Chun is fixing this. He became CEO in February 2025. Since then, he has cut layers. He added new board members in January. Five directors will retire at the 2025 annual meeting. Four new ones will join. This brings fresh views.

The September 10 announcements are part of this overhaul. They focus on execution and client experience. Chun wants a “disciplined” bank. The hires show that. Turan for operations, Fish for legal, Whitehead for clients.

TD’s board also set new term limits. This keeps things fresh. The bank says these changes will drive “execution excellence.”

Implications for TD Bank and the Industry

What does this mean for TD? First, it could rebuild trust. Strong leaders like Turan and Fish bring expertise in operations and compliance. This is key for AML fixes. TD must show regulators it has changed.

For stock, it’s positive so far. TD shares are up 38% in 2025. They outpace the market. Investors like the shake-up. It shows action after the scandal.

For customers, better operations could mean smoother service. Turan’s retail focus might improve digital banking. Fish’s legal skills ensure fair practices.

In the industry, this sets an example. Other banks watch. Canadian lenders like RBC and BMO face similar risks. Hires from rivals, like Fish from BMO, show talent moves around.

But challenges remain. TD must prove the changes work. The investor day in September will be key. There, Chun will outline strategy. Markets expect clarity on growth and risks.

This table shows the key changes at a glance.

Looking Ahead: What to Watch

As TD moves forward, watch the investor day. It could boost confidence. Also, track AML progress. Regulators want updates. If fixes work, TD can grow again.

These hires and departures mark a new era. Chun is putting his stamp on the bank. With global talent, TD aims to be stronger. But it must deliver. The scandal’s shadow lingers. Success depends on execution.

In the end, this is about turning the page. TD hires a COO and new general counsel amid executive departures to build a better bank. It faces tests, but the steps look right.