Professor says TD’s board should discuss 'tenure of the CEO' amid regulatory probes
BNN Bloomberg
A professor says Toronto-Dominion Bank’s board of directors should consider succession plans for the lender’s chief executive officer as its U.S. money laundering woes are a top concern ahead of its earnings release Thursday.
Richard Leblanc, a professor of governance, law and ethics at York University, said in an interview with BNN Bloomberg Wednesday that the U.S. Department of Justice's investigation has cast a “shadow” on TD Bank. Earlier this month, Jefferies Analyst John Aiken said that TD potentially faces a “lost decade” due to its role in an alleged money laundering scheme.
Leblanc said that given the situation, TD Bank’s board should have a conversation on the “tenure of the CEO.”
“So Succession planning should be on the TD board's radar screen and in particular, ‘should we go outside (the organization)?’ (or) ‘Do we have internal talent that is CEO-ready?’” Leblanc said.
