Matt Comyn will be the new Chief Executive Officer of the Commonwealth Bank of Australia (CBA), effective 9 April 2018, replacing Ian Narev, who announced in August that he would retire before the end of this financial year, after more than six years in the role.
The Chairman of CBA, Catherine Livingstone, said a thorough global and local search for the role identified an exceptional field of candidates. Following a rigorous interview process, the Board concluded that Mr Comyn, 42, has the best mix of attributes and values needed to lead the Commonwealth Bank.
“The Board is delighted that Matt Comyn has accepted the offer to lead the Commonwealth Bank. We believe he was the outstanding candidate, best placed to lead the bank at an important time in its history,” Ms 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.
Matt has gained respect across the banking sector both in Australia and globally. His track record is one of delivering very strong business performance, as well as a range of innovative, sustainable business improvements that have strengthened customer outcomes. These have included initiatives reflecting our vision of enhancing financial wellbeing, and consistently industry-leading customer satisfaction ratings for the retail bank.
“His mandate is to continue to make the necessary changes to ensure CBA remains a leading bank with an unwavering focus on its customers and delivering outcomes for shareholders, while achieving the highest operational standards, unequivocally fulfilling our regulatory obligations.
Our people remain core to the success of CBA, and a fundamental priority will be to energise the culture and elevate employee pride and confidence.
“Matt’s appointment will enable a smooth transition to new leadership, as CBA responds to the current regulatory processes and legal proceedings, accelerating the related changes and improvements already underway.”
Ms Livingstone noted that the Board sincerely thanks Ian Narev for his leadership of the Bank over the past six years. “Under Ian’s leadership, CBA has become a more inclusive and innovative organisation, and an employer of choice for gender and social diversity. It has also achieved and sustained industry-leading customer satisfaction ratings, through continued investment in its people and its technology advantage,” Ms Livingstone said.
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