Australia's Biggest Bank Says CEO Will Retire Amid Money-Laundering Scandal

Patrice Gainsbourg
Agosto 14, 2017

Mr Narev has been heavily criticised for a money laundering scandal that has rocked the bank, which is facing potentially billions of dollars in fines from a court case by regulator AUSTRAC.

In a statement posted to the ASX this morning, CBA chair Catherine Livingstone announced that current chief executive Ian Narev will "retire by the end of the 2018 financial year". It is the third major public-relations scandal Narev, 50, has faced during his nearly six years in the job.

Narev, whose short-term bonus for the past financial year was cut, said last week he didn't intend to resign.

Livingstone then said: "The board's actions reflect the focus we are taking on improving the trust among people, customers, businesses and communities that the Bank exists to serve".

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The fact that no senior executive has lost their job following the scandals, including poor financial planning advice, has become a political issue with the Labor Opposition calling for a Royal Commission.

The exact timing of Narev's departure will depend on the search for a successor, with the board looking at both internal and external candidates.

Succession planning is an ongoing process at all levels of the Bank. In discussions with Ian we have also agreed it is important for the business that we deal with the speculation and questions about his tenure.

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