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CBA promotes Comyn to replace Narev as CEO

Stuart Condie  |  29 Jan 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Commonwealth Bank (ASX: CBA) has promoted retail banking chief Matt Comyn to replace Ian Narev as chief executive and "rebuild trust" in Australia's largest lender.

CBA, which has been looking for a new CEO since Mr Narev announced his retirement in August, said Mr Comyn will take charge on April 9.

Mr Narev led CBA to a series of record profits and boosted shareholder returns by more than 120 per cent in his six-year tenure, but decided to step down after AUSTRAC alleged the bank contravened anti-money laundering and counter-terrorism laws.

Mr Comyn, who has led CBA's retail banking unit since 2012, said the lender's size meant it had to be held to the highest standards.

"By virtue of the position CBA holds in the community we need to equally demonstrate the highest levels of integrity and operational standards to earn stronger levels of trust within the community and regulators," Mr Comyn said in a statement.

"The last six months in particular have been very challenging and I am committed to working with the board, the executive team and our wonderful people to rebuild trust in the Commonwealth Bank."

Mr Comyn, who will be the youngest chief executive at any of the big four banks, will receive fixed remuneration of $2.2 million and be eligible for another $2.2 million in short-term incentives plus up to $3.96 million in long-term incentives.

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That means he could be paid as much as $8.36 million in the 2019 financial year.

Mr Narev received $8.77 million in 2016 and $5.71 million in 2017, when the bank's executives forfeited short-term bonuses over AUSTRAC's allegations the bank failed to report suspicious transactions quickly enough.

Mr Comyn was paid $2.35 million in 2017 and was among those who lost their short-term bonuses.

 

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

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