The Commonwealth Bank has announced a new chief executive to replace Ian Narev.
Matt Comyn, 42, takes on the role from 9 April.
Comyn will be promoted from head of CBA’s retail bank, a position he has held since 2012.
CBA informed the Australian Securities Exchange of the change in roles on Monday morning before the sharemarket opened.
“We believe he was the outstanding candidate, best placed to lead the bank at an important time in its history,” its chairwoman, Catherine 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.
“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 under way.”
Livingstone thanked Narev for his time as CBA chief executive, one of the most troubled periods in the bank’s history.
Last year, the Australian Transaction Reports and Analysis Centre launched civil proceedings against CBA in the federal court, claiming the bank had made “serious and systemic” violations of laws aimed at combating funding terrorism and crime syndicates.
A week later, the CBA board axed senior executive bonuses to limit the fallout from the money laundering allegations.
A week after that, Livingstone announced that Narev would step aside in 2018, saying his resignation should provide certainty to the market.
Comyn said it was a privilege to become chief executive.
“CBA is both a significant Australian institution and a world class bank, with a proud history that had delivered great outcomes for its customers, shareholders and people for decades, and is well placed to build on that success for many years to come,” he said.
