TD Bank Financial Group (TDBFG) announced today that its Chief Economist, Don Drummond, will retire at the end of June, 2010. Craig Alexander, the current Deputy Chief Economist, will succeed Mr. Drummond as Chief Economist, on Monday, May 3rd.
Mr. Drummond will assist with the leadership transition in TD Economics until his retirement. He will then continue to work as an advisor to the Bank.
“Don has had a huge impact on our business and brand. He turned a strong economics department into Canada’s ‘think tank in a bank.’ TD’s reputation for actively engaging in the issues that matter to Canadians is unique in the marketplace. That’s a big part of Don’s legacy ??? he’s elevated TD’s role in building a more prosperous country,” said Ed Clark, Chief Executive Officer of TDBFG.
Mr. Clark went on to say: “Craig’s appointment is well-earned. He’s been a driving force behind the transformation of TD Economics. His deep economic expertise is second to none, and he is a great leader. Craig’s eager to build on the momentum of TD Economics, particularly as the Bank’s presence in North America grows. We look forward to the important contributions he’ll make on behalf of our clients, customers and indeed, society at large.”
Mr. Drummond was appointed Chief Economist in 2000, following an extensive career in the Canadian government. Upon joining the Bank, Mr. Drummond planned to spend the next decade leading TD Economics. His June departure coincides with his 10th year anniversary at the Bank.
“Leading TD Economics has been an incredible experience,” said Mr. Drummond. “No other private sector organization is so focused on improving living standards for all Canadians as TD. That’s a real testament to Ed and our leadership team, who care deeply about making Canada a stronger, wealthier country. Of course, I am most proud of our team, whose talents and hard work has made my time at the Bank truly rewarding and a whole lot of fun.”
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America’s Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world’s leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.
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