Royal Bank of Canada, the country’s second-largest lender by assets, said John Taft is stepping down as chief executive officer of the U.S. wealth unit.

Taft, 61, who has been with RBC Wealth Management since 2000, is retiring May 31, a spokeswoman for the Toronto-based lender said Friday in an e-mailed statement. He will remain as CEO until May as the firm begins a search for a successor, the bank said Thursday in an internal memo.

Taft, a grandson of former U.S. President William Howard Taft, joined the firm when RBC bought investment firm Dain Rauscher in 2000. The brokerage has about 1,900 advisers in 41 states, according to the memo.

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