Commonwealth Bank of Austarlia’s Chief executive, Ian Narev will retire in 2018 financial year.
Mr Narev has been under pressure recently after AUSTRAC alleged CBA of breaching money laundering and terrorism financing laws.
Succession plans is said to be ongoing according to the management.
“In discussions with Ian, we have … agreed it is important for the business that we deal with the speculation and questions about his tenure,” chairman Catherine Livingstone said in a statement to the ASX on Monday.
See full statement below:
The Chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, said today 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. Today’s statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.