Commonwealth Bank chief executive, Ian Narev will depart by the end of 2018 financial year.
The big banking group has told the Australian Securities Exchange that Narev will retire by the 2018 financial year with succession processes already put in place.
In a statement released to the ASA, CBA chairman, Catherine Livingstone said the Board had decided to provide details of its planned Chief Executive succession process “to ensure the market is fully informed and to provide certainty for the business”.
She said Narev, would retire by the end of the 2018 financial year, with the exact timing dependent on the outcome of an ongoing comprehensive internal and external search process.
The statement said succession planning was an ongoing process at all levels of the Bank.
“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 that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.”