Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

Commonwealth Bank announces retirement of CEO

By Reporter · August 14 2017
Reading:
egg
egg
egg
Ian Narev, Commonwealth Bank, CommBank, CBA, AUSTRAC,
Commonwealth Bank announces retirement of CEO

Commonwealth Bank announces retirement of CEO

author image
By Reporter · August 14 2017
Reading:
egg
egg
egg
Ian Narev, Commonwealth Bank, CommBank, CBA, AUSTRAC,

The Commonwealth Bank has announced its chief executive officer will be leaving the business by the end of the 2017-18 financial year.

Ian Narev’s impending departure was announced in a statement to the ASX in which the bank’s chair, Catherine Livingstone, explained that the exact timing of the leadership changeover would be “dependent on the outcome of an ongoing comprehensive internal and external search process”.

“Succession planning is an ongoing process at all levels of the bank,” Ms Livingstone said.

“In discussions with Ian we have also agreed it is important for the business that we deal with the speculation and questions about his tenure. Today’s statement provides clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.”

Last week the bank’s board announced it had reduced executive bonuses to zero and reduced the fees given to non-executive directors by 20 per cent in response to allegations made by AUSTRAC that the Commonwealth Bank had breached numerous anti-money laundering and counter-terrorism financing regulations.

Advertisement
Advertisement

 

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Reporter

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

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

Copyright © 2019 MOMENTUM MEDIA