Commonwealth Bank of Australia (CBA) has named Matt Comyn as its new CEO, replacing Ian Narev who is set to retire in 2018 after spending six years in the role.
Comyn currently serves as the head of retail banking at CBA, a role he has held since 2012. He will assume the new responsibility on 9 April 2018.
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CBA chairman Catherine Livingstone said: “The Board’s main priorities in selecting the new CEO were to identify the candidate who will maintain the momentum in the business, and address the regulatory and reputational challenges and recognise evolving community expectations.
“The candidate also needs to transform the business and adapt the organisational capability and culture to suit the rapidly evolving competitive and technology-centric environment.”
The move comes as the Australian Transaction Reports and Analysis Centre (AUSTRAC) filed a civil suit against the bank for alleged money laundering in August 2017. Narev announced his departure soon after the scandal.
At the end of the same month, the Australian Prudential Regulation Authority (APRA) launched an inquiry into the bank’s governance.
“Matt’s values run deep. He is a person of integrity and openness, and has a passion for CBA’s vision. I know he will enhance the best aspects of CBA, while making the changes needed to address the challenges which lie ahead,” Narev noted.
