Commonwealth Bank’s head of retail banking, Matt Comyn, has been selected as the company’s new CEO.

Comyn will replace outgoing CEO Ian Narev in April this year. CBA is hoping the appointment will bring stability in what could be a challenging year for the bank.

“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,” said CBA chairman, Catherine Livingstone, in a company statement.

Comyn is expected to lead CBA as it faces a banking royal commission and a transition to an open banking regime.

Digital experience

The retail banking boss brings with him a track record of digital success. In 2012 he was appointed Group Executive Retail Banking Services and has lead the development of digital products and services on behalf of the Group.

New CBA CEO, Matt Comyn
Source: Commbank.com.au

Between 2006 and 2010, Comyn was Managing Director of CBA’s biggest digital business, CommSec, which included overseeing the upgrading of its technology platform.

“I am excited by the opportunity to lead the organisation into this next phase of change and transformation. In terms of outcomes, I believe we can achieve the right balance in meeting the expectations of customers, shareholders and the community, with a sharp focus on our core purpose,” Comyn said in a company statement.

Many had expected the CBA board would look outside the bank for a new CEO following a scandal plagued year which included a failure of the banks anti-money laundering and counter-terrorism funding monitoring and reporting. The failure may have allowed terrorists and criminals to launder tens of millions of dollars.

According to Livingstone, the CBA board is “very conscious of community expectations” regarding remuneration and Comyn’s package is fixed “at a level well below Ian’s [Narev]”.

Comyn will reportedly be paid $2.2 million in fixed remuneration and will also be eligible for $2.2 million in short term bonuses and incentives, with a further $3.9 million in long term incentives. He replaces retiring CEO Ian Narev, who the CBA board thanked for his six years of leadership.

“Under Ian’s leadership, CBA has become a more inclusive and innovative organisation, and an employer of choice for gender and social diversity. It has also achieved and sustained industry-leading customer satisfaction ratings, through continued investment in its people and its technology advantage,” Livingstone said.

“CBA’s total shareholder return during Ian’s time as CEO is over 120 per cent, significantly ahead of the other major banks and the ASX 200 average for the same period.

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