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Former CBA chief exec Ian Narev joins Seek

AAP  |  02 Apr 2019Text size  Decrease  Increase  |  
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Ian Narev speaking at the Morningstar Individual Investor Conference in 2017

Former Commonwealth Bank chief executive Ian Narev has been appointed chief operating officer of online jobs advertiser Seek.

The New Zealander, who left CBA a year ago amid the fallout of the lender's alleged breach of money-laundering and terrorism-funding laws, will join on 29 April and also lead Seek's (ASX: SEK) Asia Pacific and Americas operations.

"We will benefit from his track record of being a proven, successful CEO of a complex organisation, with deep strategic thinking ability and an excellent understanding of the disruptive impact of technology," chief executive Andrew Bassat said.

"His extensive experience, strong personal values and business acumen will complement those of the current executive leadership team."

Narev will replace Michael Ilczynski as Asia Pacific and Americas chief executive after Ilczynski stepped down to take an extended leave of absence from mid-July.

Seek said Narev will work closely in partnership with Bassat on strategy development and operating priorities for the group.

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"Seek is already an extraordinary Australian global success story and is well known for its innovative and progressive culture," Narev said.

"Playing a part in helping Seek to have a positive impact on an even bigger scale is tremendously exciting."

Narev presided over a succession of record annual profits at CBA but his exit was shaped by a series of scandals that damaged trust in the bank and contributed to the eventual calling of the financial services royal commission.

He took the fall for the money-laundering and terrorism-funding probe launched by AUSTRAC, a case that led to a $700 million fine - the largest in Australian corporate history.

At 12.20pm, shares in Seek were worth $17.50, up 1.45 per cent, 25 per cent down on September's all-time high $22.94.

The company has a Morningstar fair value estimate of $19. 


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