Canada’s TD Bank names insider as global chief auditor amid regulatory glare
10:50 am Friday, November 22nd, 2024
(Reuters) – Canada’s TD Bank said on Friday it had appointed insider Michelle Myers as its global chief auditor, effective Dec. 9.
The lender in October was slapped with a $3 billion fine and the rare imposition of an asset cap by U.S. regulators for violating a law aimed at preventing money laundering.
Myers, who has been with TD since 2022, will succeed Anita O’Dell, who has decided to retire but will remain in an advisory role until May 31.
O’Dell, who joined TD in 2010, had served in a number of roles including global chief auditor, U.S. chief auditor and deputy U.S. chief auditor.
Myers, who had spent more than a decade at accounting giant KPMG, was most recently senior vice president, controller and chief accountant at the lender.
Additionally, TD also named Keith Lam, currently deputy U.S. chief auditor, as the acting U.S. chief auditor.
Lam, who comes with over 20 years of experience in internal audit, public accounting, and technology-related roles, will jointly report to Myers and the U.S. audit committees.
TD CEO Bharat Masrani is also set to retire next year and will be succeeded by the head of the Canadian banking unit, Ray Chun.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)
