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Toronto-Dominion Bank's (TD-T) long-time chairman John Thompson is stepping down from the position, and will be replaced by director Brian Levitt.
TD announced early Tuesday that Thompson has made “the personal decision” to resign “as part of an orderly board succession.”
The former IBM Corp. executive has been the bank's non-executive chairman for the past seven years. Thompson will remain a member of the TD Board.
Levitt, who joined the TD board less than two years ago in December, 2008, is a partner at Toronto law firm Osler, Hoskin & Harcourt LLP and a former president and chief executive officer of conglomerate Imasco Ltd., which previously owned Canada Trust as well as tobacco and drugstore holdings.