(Bloomberg) -- TD Ameritrade named Toronto-Dominion Bank’s Tim Hockey as its next chief executive officer, prompting an executive shuffle at Canada’s largest lender by assets.
Hockey, 52, who is group head of Canadian banking and wealth management at the Toronto-based lender, becomes TD Ameritrade president on Jan. 2 and will take over as CEO when Fred Tomczyk, 60, retires on Sept. 30, the Omaha, Neb.-based brokerage said Tuesday in a statement. Toronto-Dominion owns 41% of TD Ameritrade, which contributed about 4% of the lender’s profit last year.
“It’s a strategic and great position for us, and we’re going to have one of our top folks move over to continue the legacy at TD Ameritrade," Toronto-Dominion CEO Bharat Masrani said in a phone interview. “Tim is the best leader to take TD Ameritrade to new heights and sustain its winning ways."
Hockey started his banking career in 1983 at Canada Trust, the lender acquired by Toronto-Dominion in 2000. He stayed through the transition and rose through management ranks to his current role overseeing Canadian banking and wealth management, a position he’s held since July 2013.
'STRONG CULTURE'
“I know Fred very well -- we’ve worked well together -- and I know the leadership team already," Hockey said in a phone interview from Toronto. “It’s a fantastic company, really strong culture, very technologically oriented, a big innovator in its space.”
Hockey has a master’s degree in business administration from the University of Western Ontario, according to a company biography. He’s an avid cyclist and active in the community, including serving on the board of SickKids Foundation, a children’s hospital in Toronto. Hockey said he plans to relocate to New York for his new job.
“With Tim’s move we made the follow-on moves in Canada," Masrani, 59, said. "What this demonstrates is the bench at TD, the terrific team we have and frankly the culture at the bank where we’re able to tap into terrific executives to continue with our legacy.”
MANAGEMENT SHAKE-UP
Toronto-Dominion said in a separate statement that Riaz Ahmed will replace Colleen Johnston as chief financial officer on Jan. 2. Johnston, 57, is shifting to group head of direct channels, technology, marketing, and real estate, the bank said. Ahmed, 52, is currently group head of insurance, credit cards and enterprise strategy. Teri Currie, 50, group head of direct channels, technology, marketing and people strategies, will become group head of Canadian personal banking.
“I have big shoes to fill and that’ll be my job over the next few years, to make sure we take that service and convenience brand to the next level,” said Currie, who also started at Canada Trust, joining in Calgary in 1983.
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