In a statement posted to the ASX this morning, CBA chair Catherine Livingstone announced that current chief executive Ian Narev will “retire by the end of the 2018 financial year”.
The “exact timing” of Mr Narev’s departure will be “dependent on the outcome of an ongoing comprehensive internal and external search process”, Ms Livingstone.
Ms Livingstone said the banks 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”.
“Succession planning is 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,” Ms Livingstone said.
“Today’s statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.”
Ms Livingstone announced last week that Mr Narev’s annual bonus had been reduced the zero, along with the annual bonuses of the all CBA group executives in the wake of AUSTRAC’s allegations against the bank.
An individual whose lack of accountability & buck passing to individual planners at branch level, has contributed an enormous amount of damage to the reputation of all financial planners regardless of their owner or employee.
Good riddance.
Oh Mr Narev, before you go, could you just sort out a few other scandals in which relates to removing documents from client file during a dispute, that were related to unauthorized trading by an adviser of a subsidiary in which the CBA closed the license the same month as one of many out of court settlements. Some of these clients aren’t feeling too well after many years of financial and emotional destruction.
But why 🙂
CommInsure Scandal
Commonwealth Financial Advice Scandals
CBA Money laundering and fraud Scandals
Nice job Ian, how about you take $15 Mill extra severance pay & jump off this stinky bank you help fester.
What an absolute joke many CEO’s and our banks have become.