CFSGAM names Chair ahead of IPO
The Commonwealth Bank of Australia (CBA) has announced that John Mulcahy has agreed to take up the position of independent chair of Colonial First State Global Asset Management (CFSGAM), pursuant to the IPO which is planned for the end of 2018.
The announcement follows the results of CBA's strategic review of its global investment management business, which was initially announced in September 2017.
Mulcahy was the managing director and CEO of Suncorp from 2003 until 2009. His previous roles include group executive, investment and insurance services at Commonwealth Bank, CEO of Lend Lease Property Investment and CEO of Civil and Civic. He is currently the independent non-executive chair of Mirvac and also sits on the boards of ALS, Zurich Australian Insurance, the Shore Foundation and the Great Barrier Reef Foundation.
A statement from CBA said: "In making our assessment, we examined long-term Commonwealth Bank shareholder value and also considered the ability of CFSGAM to serve the interests of its clients, attract and retain key personnel and better grow its business....while CFSGAM has achieved significant growth, scale and diversification under the current ownership structure, the strategic review determined that an independent ownership model would provide greater benefits."
The other candidates who have agreed to join Mulcahy on the CFSGAM board as independent non-executive directors, if the IPO goes ahead, include Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat. Mark Lazberger will continue in his role as CEO of CFSGAM.
