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Commonwealth Bank announces retirement of CEO

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.

 

Commonwealth Bank announces retirement of CEO
Ian Narev, Commonwealth Bank, CommBank, CBA, AUSTRAC,
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Anonymous - Why does this get all the media attention when in reality it affects very few and the charges are minimal? How about reporting on all the ISA TPD.......
Anonymous - This got to be the smartest comment this century ?!....
nan - So what do you do if you are being ripped of and then can't afford the body corporate fees....
MarkL - The banks may not charge dead people any more ........... but they won't charge them any less either!....