CBA appoints new CRO as part of executive team shake-up

The Commonwealth Bank of Australia (CBA) has announced the appointment of Nigel Williams as chief risk officer (CRO), 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.

Williams has more than 30 years' industry experience, including the past 15 years at ANZ. He joined ANZ following the 2004 acquisition of The National Bank of New Zealand and was appointed chief risk officer in 2011, a role he retired from in March 2018. Previously, he was managing director, institutional, corporate and commercial banking in New Zealand, and managing director, institutional Australia. He has also been a director of ANZ Bank New Zealand and Shanghai Rural Commercial Bank.

At CBA, Williams succeeds David Cohen, who has been appointed as deputy CEO.

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.