Continuity key for Comm Bank and new CEO
Matt Comyn has spent most of his near 20-year banking career at CBA and has led the retail unit, which accounts for half of CBA's multi-million-dollar annual profit, since 2012.
SYDNEY - [AAP] WHO IS HE?
Matt Comyn has spent most of his near 20-year banking career at Commonwealth Bank (ASX: CBA) and has led the retail unit, which accounts for half of CBA's multi-million-dollar annual profit, since 2012.
The 42-year-old executive, who also had a stint at Morgan Stanley and is a director of Unicef Australia, has lifted the retail bank's net profit 60 per cent since taking over and helped CBA hit No.1 in terms of customer satisfaction for the first time--and for 51 of 60 months since.
WHY HIM?
When chief executive Ian Narev announced his retirement last year following allegations the bank broke money-laundering and terrorism-funding laws, CBA was widely expected to seek an external appointment to drive cultural change and an image makeover.
But chairman Catherine Livingstone says Mr Comyn's record of "delivering very strong business performance" along with improved customer satisfaction made him the outstanding candidate.
WHAT IS HE FACING?
The list is long and includes the banking Royal Commission--which started in Melbourne on Monday--the Federal Court case involving AUSTRAC's money-laundering and terrorism-funding allegations, a shareholder class action, and an inquiry by the Australian Prudential Regulation Authority.
Mr Comyn also faces the challenge of an east coast property market that is finally cooling after driving all four big banks' profits for the past decade or so.
WHAT THEY SAY
"Matt's values run deep. He is a person of integrity and openness, and has a passion for CBA's vision. I know he will enhance the best aspects of CBA, while making the changes needed to address the challenges which lie ahead," outgoing chief executive Ian Narev.
WHAT HE SAYS
"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."
© [2018] 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.
This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.
