CBA announces new CEO

The Commonwealth Bank of Australia (CBA) has announced that Matt Comyn will be its new chief executive officer, effective 9 April 2018.

Comyn will replace Ian Narev, who announced in August last year that he would retire before the end of this financial year, after more than six years in the role.

Comyn first joined CBA in 1999 and is currently group executive, retail banking service, a role he was appointed to in August 2012. Previously, he held the position of EGM for local business banking and was managing director of CommSec from 2006-2010. During 2004-2005, he played a role in the development of the CommSee platform, the group's customer relationship management system, and prior to that he held a number of roles in the institutional banking division.

Commenting on his new role, CBA chair, Catherine Livingstone, said: "The Board's main priorities in selecting the new CEO were to identify the candidate who will maintain the momentum in the business, and address the regulatory and reputational challenges and recognise evolving community expectations. We believe [Comyn] was the outstanding candidate, best placed to lead the bank at an important time in its history."

Retiring CEO, Narev added: "Matt's values run deep. He is a person of integrity and openness, and has a passion for CBA's vision. I know he will enhance the best aspects of CBA, while making the changes needed to address the challenges which lie ahead.

Speaking on his promotion, Comyn said he was "excited" by the opportunity and looked forward to rebuilding trust in the bank following a "very challenging" six months.

"It is important that we maintain the momentum underway, upgrading and strengthening our governance, accountability and risk management, while delivering strong financial performance. We are in a period of significant technology and competitive change, and I look forward to ensuring we remain at the forefront of technology, innovation and a great customer experience."