Toronto-Dominion Bank paid former CEO Bharat Masrani C$3 million ($2.2 million) in 2024 to advise on anti-money-laundering remediation efforts. Masrani, who stepped down in February 2025, continues to receive health benefits and administrative support according to a proxy filing released Tuesday. His total compensation for the year was C$3.6 million.
Masrani's successor Raymond Chun received C$14.6 million in total compensation, including C$2.3 million above target. The board cited Chun's renewed strategy and "intense focus on remediation" as justification for the substantial pay package. This marks a dramatic shift from Masrani's 2024 compensation, when he received almost no variable pay beyond base salary.
The compensation changes follow TD's agreement to pay nearly $3.1 billion in fines to US authorities as part of a money laundering settlement. The bank's decision to retain Masrani as a consultant while significantly increasing Chun's pay reflects the complex transition as TD addresses regulatory compliance challenges under new leadership.
Fuente: Bloomberg Markets · Resumido por HeadlinesBriefing