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CBA CFO resigns with immediate effect

The major bank has announced that its chief financial officer has stepped down, as the “renewal” of its executive team continues.

The Commonwealth Bank of Australia (CBA) has announced the resignation of chief financial officer (CFO) Rob Jesudason and the appointment of Alan Docherty as acting CFO.  

According to CBA, Mr Jesudason has decided to pursue an external role in Hong Kong.

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The big four bank’s chief executive officer, Matt Comyn, has noted that the bank expects to announce further changes to its executive team.

“We are making good progress with the renewal of the bank’s executive team, and I expect to provide an update on appointments to my leadership team in the coming weeks,” Mr Comyn said. 

Mr Docherty, who commenced in his new role on Monday (14 May), served as chief financial officer of institutional banking and markets. 

Since joining CBA in 2003, Mr Docherty has held several roles in group finance, group treasury, and the business and private bank. 

Prior to joining CBA, the acting CFO worked in PwC’s financial services practice in the United Kingdom, and with Arthur Andersen and Ernst & Young in Sydney.

Commenting on Mr Docherty’s appointment, Mr Comyn said: “I am very pleased to have someone of Alan’s calibre and experience step in to act as our chief financial officer while we complete an internal and external search for the role.” 

In March, CBA also announced that three people will leave the bank by the end of the year, namely:

  • Melanie Laing, group executive for human resources
  • Kelly Bayer Rosmarin, group executive for institutional banking and markets
  • David Whiteing, group executive for enterprise services and chief information officer

The major bank has also changed the head of the bank recently, and had to defend its choice to promote its head of retail banking to the role of CEO in the midst of ongoing reviews and reputational damage, adding that it did not want to lose “momentum” in its various remediation activities.

The big four bank made its former group executive for retail banking services, Matt Comyn, chief executive officer on 9 April 2018.

It has been a tumultuous year for the big four bank, with the reputation of the bank impacted dramatically by the BBSW allegations; by reports that it lost the personal bank details of almost 20 million customers; APRA’s conclusion that the bank had “inadequate oversight”, “unclear accountabilities” and “a widespread sense of complacency”; misconduct by financial advisers; mis-selling of insurance; and allegations that it repeatedly breached anti-money laundering and counter-terrorism laws

[Related: Missing customer data was ‘most likely’ disposed of: CBA]

CBA CFO resigns with immediate effect
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Charbel Kadib

Charbel Kadib is a journalist on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Charbel graduated from the University of Notre Dame Australia with a Bachelor of Arts (Politics & Journalism).

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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