Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

CBA CEO to ‘retire’ next year

The CEO of the Commonwealth Bank of Australia, Ian Narev, is to retire next year, the bank has revealed.

The chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, announced today (14 August)) that the board had decided to provide details of its planned chief executive succession process "to ensure the market is fully informed and to provide certainty for the business".

The bank said that the current managing director and chief executive officer, Ian Narev, will retire by the end of the 2018 financial year.

The exact time of his departure will be dependent on the outcome of "an ongoing comprehensive internal and external search process".

More details on Mr Narev's departure are expected later today.

Advertisement
Advertisement

The announcement comes following days of speculation about whether Mr Narev should continue as CEO given the recent revelations of the bank's alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

CBA has said that today's statement about Mr Narev's depature should provide clarity around his future at the bank, and "ensure he can continue to focus, as CEO, on successfully managing the business".

More to come.

CBA CEO to ‘retire’ next year
mortgagebusiness

Latest News

The proportion of Australians who completely own their property has fallen by 11 percentage points according to the latest census data. ...

The group has confirmed that it is currently reviewing “strategic alternatives” for its banking operations, following media reports that...

The Andrews government has rejigged its cabinet and several senior ministers, including housing, following a swathe of resignations. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.