CBA appoints Deputy CEO as part of executive team shake-up

The Commonwealth Bank of Australia (CBA) has announced the appointment of David Cohen as deputy chief executive officer, effective November 5, as one of six new appointments and executive leadership team changes, which the bank says is a key step in earning the trust of its customers.

In his new role, Cohen, who is currently CBA's chief risk officer, will be responsible for strengthening the group customer relations and customer advocate functions; leading the demerger of the Colonial First State Group, and the M&A team; and assisting the chief executive officer with Group-wide initiatives including engagement with industry groups, government, regulators and community groups.

Cohen has more than 20 years' banking and wealth management experience, previously serving as general counsel for CBA and prior to that for AMP. Before joining AMP he was a partner with Allens Arthur Robinson.

He will be succeeded as CRO at CBA by former ANZ CRO, Nigel Williams.

The other new executive leadership team (ELT) appointees are: Pascal Boillat, as group executive enterprise services and chief information officer; Sian Lewis, as group executive human resources; Andrew Hinchliff, as group executive institutional banking and markets; and Angus Sullivan, as group executive retail banking services.

CBA chief executive officer, Matt Comyn, said: "All other roles on my leadership team remain unchanged. We are still completing the search process for the final ELT position of Chief Financial Officer, considering both internal and external candidates. We expect to be ready to make a permanent appointment after the full year results in August."

CBA has also announced it will demerge its wealth management and mortgage broking businesses, and undertake a strategic review of its general insurance business, including a potential sale.