TD Bank Group announced that Mike Pedersen, CEO and president of TD Bank, has announced his retirement.Pedersen said he plans to retire in the summer of 2017. TD Bank, based in Cherry Hill, has named Greg Braca, its current head of corporate and speciality banking, as its chief operating officer, effective Nov. 1. He will report to Pedersen. TD Bank also said it intends to appoint Braca as its CEO and president once Pedersen retires on June 1, 2017. Pedersen will remain as an advisor to the bank for an undisclosed period once he retires. "It has been an honor to lead a bank that is so focused on taking care of its customers, communities and colleagues," Pedersen said in a prepared statement. "Greg is an inspirational leader and I look forward to working with him during this seven-month transition period." Pedersen started his career at TD Bank Group in Toronto as group head, corporate operations, in 2007. He succeeded Bharat Masrani as CEO and president in 2013.