Commonwealth Bank CEO to retire by mid 2018

14 Août, 2017, 02:40 | Author: Claudine Rigal
  • Australia's Biggest Bank Says CEO Will Retire Amid Money-Laundering Scandal

Mr Narev has been head of Australia's largest bank by market capitalisation since December 2011. It is the third major public-relations scandal Narev, 50, has faced during his nearly six years in the job.

The Commonwealth Bank has announced that its chief executive Ian Narev will retire by the end of the current financial year.

"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", she says.

Narev, whose short-term bonus for the past financial year was cut, said last week he didn't intend to resign.

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This followed an investigation by the the financial intelligence and regulatory agency, AUSTRAC, into alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act involving combined cash deposits of $624.7 million.

CBA's chairman Catherine Livingstone said the board had made a decision to bring forward details of its succession planning to deal with "speculation and questions about his tenure". The exact date of his departure will depend on the outcome of a candidate search, the bank said.

"Today's statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business", Ms Livingstone concluded.

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