Commbank puts end-date on Narev’s CEO tenure
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.”
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
