TD Bank’s new CEO will be based in New Jersey

Mike Pedersen, who will become TD Bank’s CEO in July, will be based in Cherry Hill, N.J.

The next CEO of TD Bank will not be based out of Portland, where the bank had its humble origins as Portland Savings Bank in 1852. Instead, Mike Pedersen will be based in Cherry Hill, N.J., a bank spokeswoman told me Wednesday evening.

Cherry Hill has become known as TD Bank’s second headquarters ever since the company acquired Cherry Hill-based Commerce Bank in 2008.

Pedersen will replace Bharat Masrani, who on Wednesday was named as the next CEO of Toronto-Dominion Bank, the Canadian parent company of TD Bank.

(The names can get confusing. When I use TD Bank, I’ll always be referring to the U.S. subsidiary of Toronto-Dominion Bank.)

Masrani has been CEO of TD Bank since 2006. To be fair, Masrani wasn’t based in Portland either. He lived in Philadelphia, according to his corporate bio.

Bill Ryan, who Masrani replaced as TD Bank’s CEO in 2006, was the last chief executive to be based in Portland.

Pedersen, currently Toronto-Dominion’s head of wealth management, insurance and corporate shared services, will succeed Masrani as head of TD Bank and U.S. banking operations on July 1.

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Whit Richardson

About Whit Richardson

Whit Richardson is Business Editor at the Bangor Daily News. He blogs about Maine business, entrepreneurs and the economy.