CBA announces CEO retirement

Commonwealth Bank of Australia (CBA) chair, Catherine Livingstone, has announced the retirement of managing director and chief executive officer, Ian Narev, effective April 2018.

Narev joined CBA in May 2007 as group head of strategy and group executive, business and private banking, before being appointed to the top job in December 2011.

CBA's chair, Catherine Livingstone said that the board "sincerely thanks Narev for his leadership of the Bank over the past six years."

"Under Ian's leadership, CBA has become a more inclusive and innovative organisation, and an employer of choice for gender and social diversity. It has also achieved and sustained industry-leading customer satisfaction ratings, through continued investment in its people and its technology advantage."

Editor's note: Narev will be replaced CBA's group executive, retail banking service, Matt Comyn.