SEEK Group has announced that the former chief executive of the Commonwealth Bank of Australia (CBA) has been appointed to its newly created dual role of group COO and CEO of Seek’s Asia Pacific & Americas (AP&A) business, effective on 29 April 2019.
Mr Narev will replace former AP&A CEO Michael Ilczynski, who is taking an extended leave of absence from mid-July 2019.
According to SEEK’s disclosure to the Australian Securities Exchange, the appointee will work closely with SEEK Group co-founder and CEO Andrew Bassat on “strategy development and operating priorities” for the group.
Commenting on Mr Narev’s appointment, Mr Bassat said: “[W]e will benefit from his track record of being a proven, successful CEO of a complex organisation.
“Throughout the process we undertook, it became clear that Ian has enormous value to bring to our organisation and is the stand-out person for this role.
“I am excited to be working with Ian, and I am confident that his extensive experience, strong personal values and business acumen will complement those of the current executive leadership team.”
Mr Narev was at the helm when CBA reported record profits.
The former CBA chief executive also presided when the major bank landed a record $700 million fine for breaches of anti-money laundering and counterterrorism laws and when the Australian Prudential Regulation Authority released its report censuring CBA for “inadequate oversight”, “unclear accountabilities” and “a widespread sense of complacency”, among other failings.
Mr Narev, who led CBA for a little over six years, said the opportunity to join SEEK was “irresistible”.
“SEEK is already an extraordinary Australian global success story and is well known for its innovative and progressive culture. Playing a part in helping SEEK to have a positive impact on an even bigger scale is tremendously exciting,” he added.
Mr Bassat also thanked Mr Ilczynski for his contribution to SEEK for the last 13 years, saying that he would be “highly supportive” of the former AP&A CEO to return to the company in a “suitable capacity”.
[Related: Long-term Macquarie executive to step down]