TD Bank Group's long-time president and chief executive, Ed Clark, will retire on Nov. 1, 2014, at age 67, the bank announced Wednesday.

Clark's successor will be Bharat Masrani, 56, who is currently head of TD's U.S. personal and commercial banking group.

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Ed Clark, right, will retire as head of TD Bank in 2014. He will be replaced by Bharat Masrani, left. (TD Bank)

The Toronto-based company, which is one of Canada's largest banks and a major player in parts of the United States, said it expects a smooth transition.

In addition to the appointment of Masrani to his new role as TD's top executive, the bank plans to reassign other members of its senior management team.

"I am delighted that the board has chosen Bharat as my successor," Clark said in a statement.

"With Bharat as CEO and a deep bench of talent on the senior executive team, I am extremely confident in the future of TD."

Clark will remain a director of the bank, which he has led for 12 years during a period of significant growth at home and in the United States.

Masrani will initially become TD's chief operating officer, often a position filled by a likely successor to the CEO, on July 1 and assume the top post on Nov. 1, 2014, when Clark retires.

In the meantime, Masrani's successor as head of the U.S. personal and commercial banking sector will be Mike Pedersen, TD's group head for wealth management, insurance and corporate services.

Tim Hockey, currently TD's head of Canadian banking, auto finance and credit cards, will add TD Wealth to his responsibilities in July.

Hockey, Pedersen and Masrani will continue to report to Clark until his retirement.