TD shuf­fles ex­ec­u­tive roles as key tech-group head to re­tire

The Globe and Mail (Alberta Edition) - - REPORT ON BUSINESS - JAMES BRADSHAW BANK­ING RE­PORTER

The head of Toronto-Do­min­ion

Bank’s tech­no­log­i­cal trans­for­ma­tion group will re­tire next year, set­ting off a mi­nor shuf­fle of other ex­ec­u­tive roles inside the bank.

Colleen John­ston in­tends to re­tire in April, af­ter 21⁄2 years as the bank group’s head of di­rect chan­nels, tech­nol­ogy, mar­ket­ing, cor­po­rate and pub­lic af­fairs. A 14-year veteran of TD whose ca­reer spans more than three decades in bank­ing, she was pre­vi­ously TD’s chief fi­nan­cial of­fi­cer from 2005 to 2015.

Ms. John­ston has long been a key fig­ure at TD who helped guide the bank through the fi­nan­cial cri­sis, and was once con­sid­ered a pos­si­ble can­di­date to be chief ex­ec­u­tive of­fi­cer. With her de­par­ture, her role will be di­vided in two.

Norie Camp­bell, who cur­rently serves as the bank’s gen­eral coun­sel, will take over as group head, cus­tomer and col­league ex­pe­ri­ence, with added re­spon­si­bil­i­ties in­clud­ing hu­man re­sources, mar­ket­ing and fi­nan­cial crimes, and fraud man­age­ment.

And Michael Rhodes, who cur­rently leads con­sumer bank­ing in TD’s U.S. arm, will be­come group head of in­no­va­tion, tech­nol­ogy and shared ser­vices.

Ellen Pat­ter­son will be pro­moted to group head and gen­eral coun­sel, fill­ing Ms. Camp­bell’s cur­rent role. And Leo Salom, the bank’s ex­ec­u­tive vice-pres­i­dent in charge of wealth man­age­ment, will be a group head also over­see­ing both wealth man­age­ment and in­sur­ance.

Ms. John­ston spent 15 years at Bank of Nova Sco­tia be­fore be­ing lured to TD in 2004 by Ed Clark, who was then the bank’s CEO. Since then, she rose to be one of Bay Street’s high­est-rank­ing women, while cham­pi­oning the im­por­tance of hav­ing women in lead­er­ship roles.

“Colleen’s pas­sion en­er­gized her teams and her con­tri­bu­tions to TD and to the fi­nan­cial ser­vices industry are both sig­nif­i­cant and long-last­ing,” said Bharat Mas­rani, TD’s CEO, in a state­ment.

Un­der her watch, TD has in­creased its tech­nol­ogy spend­ing as a per­cent­age of its to­tal bud­get, even as it slashed hun­dreds of mil­lions of dol­lars in legacy tech­nol­ogy costs. As a re­sult, the bank now spends about 40 per cent of its larger tech­nol­ogy bud­get on new ini­tia­tives and chang­ing the bank, com­pared with just 25 per cent pre­vi­ously.

“TD is truly an out­stand­ing or­ga­ni­za­tion and I have been for­tu­nate to work with lead­ers and col­leagues who are sec­ond to none,” Ms. John­ston said in a news re­lease.

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