CBA names NewCo CFO

Commonwealth Bank of Australia has announced the appointment of Andrew Morgan as chief financial officer of CBA's wealth management and mortgage broking businesses (NewCo), as well as the appointment of Jason Yetton as chief executive officer.

These appointments follow CBA's commitment in June 2018 to the demerger of NewCo, which includes Colonial First State, Count Financial, Financial Wisdom, Aussie Home Loans and CBA's minority shareholdings in ASX-listed companies CountPlus and Mortgage Choice. Colonial First State Global Asset Management (CFSGAM) will no longer form part of NewCo, following the announcement of an agreement to sell CFSGAM to Mitsubishi UFJ Trust and Banking Corporation.

Morgan is currently chief financial officer, wealth management at CBA. Prior to this, he was CFO for the Business and Private Bank and Bankwest at CBA. He has over 25 years' experience in the financial services and property sectors, including at Lend Lease Corporation, National Australia Bank, Radian and Perpetual.

Yetton will join NewCo after two years as CEO and managing director of online marketplace lender, SocietyOne.

CBA chief executive officer, Matt Comyn, said: "The appointments bring an important mix of external and internal experience, as well as a deep understanding of wealth management and financial services, to lead the new entity."

The appointments will be effective 1 December 2018, with Yetton's appointment subject to regulatory approvals, including any applicable APRA registration requirements.