Matt Comyn, the Commonwealth Bank veteran made new chief executive

Matt Comyn, the Commonwealth Bank veteran made new chief executive
Matt Comyn, the Commonwealth Bank veteran made new chief executive

Matt Comyn has been promoted internally to be named Commonwealth Bank's new chief executive.

The 20 year Commonwealth Bank veteran, who had been head of the retailing banking arm, will replace Ian Narev in April.

Narev announced last August he was to step down from the position.

It comes after a series of money-laundering scandals hit the retail banking arm.

Comyn is set for a bumper pay day, and will earn $2.2 million a year, with potential bonuses taking his yearly salary up to closer to $8.4 million.

One of Comyn's responsibilities as head of retail banking was the rollout of the ATM machines which were central to the money-laundering charges.

Commonwealth Bank chair Catherine Livingstone released a statement to the ASX, citing Comyn's mix of attributes as key to his appointment.

"His mandate is to continue to make the necessary changes to ensure CBA remains a leading bank with an unwavering focus on its customers and delivering outcomes for our shareholders, while achieving the highest operational standards unequivocally fulfilling our regulatory responsibilities," Livingstone said.

"Matt's appointment will enable a smooth transition to new leadership, as CBA responds to the current regulatory processes and legal proceedings, accelerating the related changes and improvements already underway."

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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