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Toronto-Dominion Bank TD-T is making changes to its top ranks as its head of Canadian business banking retires after nearly five decades.

Canadian business banking head Paul Douglas will leave the position at the end of April after about 19 years leading the division. Stepping into the role is head of treasury and enterprise strategy Barbara Hooper.

The bank announced the change in an internal memo Wednesday from chief executive officer Bharat Masrani.

Following his retirement in April, Mr. Douglas will continue to work with the bank to assist as Ms. Hooper transitions into the role. After 47 years in positions leading business banking, corporate banking, investment banking and risk management, Mr. Douglas is taking on a newly created consulting post as chair of Canadian business banking and will act as a special adviser to the CEO.

“He has mentored and developed hundreds of bankers, assembled a fantastic leadership team, and leaves behind a tremendous bench of talent that will continue to drive growth,” Mr. Masrani said in the note.

After joining TD in 1994, Ms. Hooper worked in roles across the bank, including capital markets and investment banking, fixed income and corporate development. As she moves into her new post in early February, TD is reorganizing the treasury and enterprise strategy units under two other senior executives.

Chief financial officer Kelvin Tran is taking on an expanded mandate managing treasury, corporate development, and strategy and funding. Kenn Lalonde, TD’s chief human resources officer, will oversee sustainability and corporate citizenship, as well as strategic sourcing and real estate.

Ms. Hooper steps into the business banking role as high interest rates and persistent inflation restrain consumer borrowing, putting pressure on bank loan books. As rising borrowing costs dampen the housing market and mortgage lending, the question remains whether commercial units will continue to grow as fears of a recession threaten to further weigh on businesses.

Her promotion also comes after years of turnover among women in senior ranks of Canada’s banks. On Friday, Canadian Imperial Bank of Commerce’s head of personal and business banking Laura Dottori-Attanasio left the lender to take the top job at another company. Teri Currie departed from her post leading Canadian retail banking at Toronto-Dominion Bank last January. Last fall, Joanna Rotenberg left her role as Bank of Montreal’s head of wealth management to join Fidelity Investments. Previous top-level executives, including TD’s Colleen Johnston and Royal Bank of Canada’s Janice Fukakusa, also left their positions in recent years.