Australia's Biggest Bank Names Matt Comyn as CEO, Replacing Ian Narev
Comyn now heads up retail banking services at CBA, which has been responsible for delivering half of the bank's profit and is a role that includes oversight of the development of digital products and services.
Matt Comyn, 42, takes on the role from 9 April. CBA is hoping the appointment will bring stability in what could be a challenging year for the bank.
The Commonwealth Bank of Australia (CBA) has picked Matt Comyn as its new CEO.
Comyn's appointment comes as CBA and its dominant peers face a government investigation into misconduct in the sector. In 2012, he was named executive of the retail banking services division, which now accounts for half of the bank's profit.
From 2006 to 2010 he was managing director of CommSec, which is the bank's biggest digital business.
Comyn said he was excited by the opportunity to lead CBA in its "new phase of change and transformation". "In terms of outcomes, I believe we can achieve the right balance in meeting the expectations of customers, shareholders and the community, with a sharp focus on our core goal", Comyn said in a company statement.
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Commonwealth Bank of Australia admitted to a significant number of the breaches of anti-money laundering and counter-terrorism financing laws a year ago and is the subject of an ongoing enquiry. The failure may have allowed terrorists and criminals to launder tens of millions of dollars.
"By virtue of the position CBA holds in the community we need to equally demonstrate the highest levels of integrity and operational standards to earn stronger levels of trust within the community and regulators", Mr Comyn said after the announcement on Monday.
CBA said Comyn would receive a fixed annual remuneration of A$2.2 million ($1.78 million).
CBA's chair Catherine Livingstone said the bank searched globally for the best candidate to replace Mr Narev, but Mr Comyn performed best during a "rigorous interview process".
"Under Ian's leadership, CBA has become a more inclusive and innovative organisation, and an employer of choice for gender and social diversity". "These have included initiatives reflecting out vision of enhancing financial wellbeing, and consistently industry leading customer satisfaction ratings for the retail bank".
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