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Ian Narev announces retirement as CBA CEO
Commonwealth Bank of Australia (CBA) have released a statement announcing the retirement of CEO Ian Narev at the end of the 2018 financial year.
The statement comes at an interesting time, following the CBA’s $9.9 billion annual profit announcement and explosive money laundering scandal, all within the space of two weeks.
AUSTRAC initiated civil penalty proceedings in the Federal Court against the bank in response to accusations of more than 53,000 financial violations totalling over $600 million.
CBA Chairman Catherine Livingstone AO made no reference to the recent scandal, stating that 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.
“Today’s statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business,” said Ms Livingstone.
More information is still to come…
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