TD gets a new CMO as it looks for a new agency

For the second time in less than a year, one of Canada’s big banks has changed its top marketer in the midst of a full agency review.

Betsey Chung has been promoted to chief marketing officer of TD Bank Group, replacing Theresa McLaughlin who has joined State Street as global chief marketing officer in Boston. The changeover comes as TD conducts a creative agency review that could lead to the consolidation of the Canadian and U.S. accounts with one agency.

Last summer, Scotiabank named Laura Curtis Ferrera CMO, replacing Clinton Braganza, as it was conducting an agency review with the account going to Rethink. (Last week, CIBC also confirmed that Tammy Sadinsky has been hired as senior vice-president, brand and marketing.)

Chung joined TD in 2017 as chief marketing officer for TD Banking Canada, and last year added global digital marketing officer to her remit. The statement confirming her appointment emphasized her digital achievements. TD said she has been “instrumental” in creating marketing strategies that have tripled digital consumer growth and engagement, and described her as being at the “forefront in taking the bank’s digital marketing acumen to the next level.”

Chung’s professional career started in accounting and included several years at KPMG, including time as strategic consultant focused on financial services. After KPMG she held senior posts with American Express, Aviva and BMO, where she was chief marketing officer for its banking and wealth division.

The TD statement said that Chung will be asked to oversee how the company re-imagines the banking experience on its digital channels. Chung is also part of TD’s Diversity Leadership Council, and is described as a diversity and inclusion advocate who chairs the TD marketing Black Colleague Network.

TD has confirmed little about the account review, only that late last year it parted ways with Leo Burnett, the creative agency for Canada since 2012, and that New York-based Joanne Davis Consulting has been hired to work on the review.

Agencies believed to have been invited to pitch include Diamond, Cossette, TBWA\Chiat\Day New York and Accenture. TD has also been building out its in-house agency, Agency 361.

“Given the recent build of our in-house agency and a shift to digital assets, we have an opportunity to reassess and simplify our roster of agencies,” said a TD spokesperson.

While Leo Burnett had been the lead creative agency in Canada, Diamond had been expanding its mandate, including leading creative and strategy for the bank’s biggest brand creative of the pandemic last summer.

Meanwhile, TBWA Chiat\Day\New York is the bank’s U.S. agency. TBWA’s office in Toronto, Juniper Park, is the lead creative agency on the CIBC business in Canada and is not taking part in the TD review.

David Brown