Saturday, 21 December 2024
Commonwealth Bank of Australia chairman of the board releases statement on its planned chief executive succession process
The Chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, said that 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.
Managing Director and Chief Executive Officer, Ian Narev, will 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.
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. The statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.
Re-disseminated by The Asian Banker
