People Moves

Top-Level Exits At Australian Bank As New CEO Takes Helm

Tom Burroughes Group Editor 27 March 2018

Top-Level Exits At Australian Bank As New CEO Takes Helm

A raft of senior executives at Commonwealth Bank of Australia, which has been hit by regulatory woes, are leaving the lender as new CEO Matt Comyn prepares to take charge.

Melanie Laing, group executive for human resources, Kelly Bayer Rosmarin, group executive, institutional banking and markets, and David Whiteing, group executive, enterprise services and chief information officer, will leave the bank in the coming months, CBA said in a statement yesterday.

The moves come as Comyn prepares to take the helm on 9 April, replacing Ian Narev, who announced last August he was stepping down, having been in the role for more than six years.

Comyn, 42, said he has started to search for people to fill the vacant roles.

The bank has been hit by regulatory issues, hitting its shares late last year. Last August, Austrac (Australian Transaction Reports and Analysis Centre) started legal action against CBA, linked to claims that the lender breached AML and counter-terrorism financing controls. CBA said it has provided A$375 million for a civil penalty based on latest information and advice. In a separate case, CBA has provided $200 million for expected costs of regulatory, compliance and related matters, it said. In January this year, CBA faced fresh woes, with Australia’s national financial regulator, ASIC, saying it had started legal proceedings against the bank for “unconscionable conduct” and rate rigging, adding to actions authorities have taken against other banks in the country.

"As incoming CEO I am focused on building an executive leadership team that will work to exceed the expectations of our customers, the community and regulators; rebuild the trust and pride in our bank; and enhance the financial wellbeing of every customer we serve," Comyn said.

The global search for Comyn’s role of group executive for retail banking is “progressing well”, the bank said.

"Leadership transitions are inevitably a time of change in senior teams, as executives reassess their own plans, and the bank prepares for its future. Today we are announcing the departure of three high calibre executives who have contributed significantly to CBA," Narev said in a statement yesterday.

Laing, appointed to her HR role in 2012, has given notice of her intention to retire and will leave CBA by the end of the 2018 calendar year. 

Kelly Bayer Rosmarin, who has worked at the bank since 2004, steps down in April. She held her current role since December 2013. 

George Confos, executive general manager for business and corporate finance, will take acting responsibilities for the Institutional Banking and Markets division while a global search is undertaken for Bayer Rosmarin's successor.

Whiteing also steps down from his role in April; he joined CBA in September 2013, taking his latest role in July 2014. Paul Newham, currently executive general manager for group operations, will take acting responsibilities for the enterprise services division while a global search is undertaken for Whiteing’s successor.

 

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