John MacIntyre will take over as the chair of

Toronto-Dominion Bank

in September, the lender said on Monday.

Currently an independent director at TD, he will replace Alan MacGibbon, who is set to retire on Sept. 1.

“I am grateful for the board’s confidence,” he said in a statement. “Alongside my fellow directors and in concert with our strong leadership team, I look forward to supporting TD’s strategy, further strengthening governance and delivering long-term value.”

MacGibbon’s departure was first announced in January, when TD decided to speed up the succession of its chief executive and make sweeping changes to its board after

regulators in the United States imposed fines and sanctions

against the lender for failing to monitor money laundering activities at its branches.

MacGibbon, during TD’s last annual general meeting in April, described the bank’s

anti-money laundering episode

as the “darkest day that we could have imagined” and apologized to investors.

TD has since undergone a series of changes to strengthen its anti-money laundering program, such as using specialized artificial intelligence to detect, isolate and automate its risk-mitigation activities. It also topped analysts expectations when it released its last quarterly results in March.

MacIntyre has worked in capital markets for more than three decades and founded Birch Hill Capital Partners Management Inc., a private-equity firm that on Monday announced it and

Brookfield Asset Management Ltd.

are purchasing Canadian mortgage lender First National Financial Corp.

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He has also served on the boards of Maple Leaf Sports & Entertainment Partnership, YMCA Toronto and the University Health Network Foundation.

“As chair of TD’s board of directors, the board will benefit from John’s deep understanding of financial services, global capital markets, technology, and risk management,” TD said in a statement.

• Email: nkarim@postmedia.com

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