CBA appoints Group Executive Retail Banking Services as part of executive team shake-up

The Commonwealth Bank of Australia (CBA) has announced the appointment of Angus Sullivan as group executive retail banking services, effective July 1, 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.

Sullivan is currently the acting group executive retail banking services and joined CBA in 2012, where he has led the retail strategy, retail products division, payments innovation and most recently the retail branch network. He started his career at Unilever and Goodman Fielder and also worked as a research analyst at Fidelity. He was then a partner in McKinsey's North American Financial Services practice where he worked with a range of banks, wealth managers and financial regulators.

He replaces former group executive retail banking services, Matt Comyn, who moved into the role of chief executive officer in April 2018.

The other new executive leadership team (ELT) appointees are: Nigel Williams, as chief risk officer; David Cohen, as deputy chief executive officer; Pascal Boillat, as group executive enterprise services and chief information officer; Andrew Hinchliff, as group executive institutional banking and markets; and Sian Lewis, as group executive human resources.

As part of the announcement, 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.