PORTLAND – TD Banknorth Inc. said Monday that William J. Ryan is stepping down as chief executive of the financial services company but will remain as chairman. He will be replaced as CEO by President Bharat Masrani.

Masrani, 50, is slated to assume Ryan’s duties on March 1, 2007. Ryan, 62, will focus on the company’s merger and acquisition strategy, TD Banknorth said.

Masrani became the company’s president in September. He joined TD Bank Financial Group, the company’s parent, in 1987 and has served in management positions in commercial and corporate banking and global wealth management.