The Commonwealth Bank of Australia (CBA) has announced the chair of Colonial First State (CFS) and Avanteos Investments, Anne Ward, will retire from the board at the end of 2020.
The firm said the announcement would allow for an orderly transition and the appointment of a new chair.
Subject to regulatory approvals and other customary conditions, CBA was aiming for the sale of 55% of CFS to KKR to complete in the first half of calendar year 2021.
“I look forward to watching as CBA and KKR deliver on their commitment to establish CFS as a focused, standalone business and as CFS continues to deliver improved outcomes for members and investors in the coming years,” Ward said.
Ward had served eight full years as a non-executive director and chair.
David Cohen, CBA deputy chief executive, said Ward’s decision to retire after eight full years comes at a time when the business and its management team were well placed for future success.
“Preparations are well underway for CFS’s establishment as a focused, standalone business with a separate management team and board under its new ownership arrangements,” Cohen said.
“I would like to acknowledge Anne’s strong leadership of the board and thank Anne for her significant contribution to CFS and commitment to improving member outcomes.”
