The Commonwealth Bank CFO, Rob Jesudason, has resigned to take up a new role as group president and COO of Block.one, a large blockchain software publisher and token seller.

CBA has appointed Alan Docherty as acting chief financial officer while it searches for a new CFO.

Jesudason will take up the new role with Block.one later this year, but will leave CBA with immediate effect, after less than a year in the job. His departure leaves the bank’s CEO, Matt Comyn, with another appointment to make, following the departure of three top executives earlier this year.

Block.one is the publisher of the EOSIO blockchain software and seller of the EOS token, a top-five cryptocurrency by market cap at approximately US$12.4 billion, according to the company. Jesudason, who will also act as group president and sit on the Block.one board of directors, said he was encouraged by the market’s response to blockchain and Block.one’s approach.

“Blockchain will have a transformative impact on most industries in the coming years and will redefine operating models by streamlining businesses, while also reducing cost and risk,” said Jesudason.

“Block.one’s technological innovation enables fast, low-cost, and scalable blockchain performance and is laying the groundwork for mass adoption of these new technologies.”

Blockchain adoption

However, research from Gartner released earlier this month suggests blockchain technology uptake was, so far, virtually non-existent. According to Gartner’s annual CIO survey, only one per cent of CIOs indicated any kind of blockchain adoption, while just 8 per cent were in “short-term planning or active experimentation with blockchain”.

Source: Gartner 2018 CIO Survey

One of the key roadblocks to adoption a shortage of skills and resources as blockchain projects scale, according to Gartner analysts.

“The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow,” said David Furlonger, vice president and Gartner Fellow.

But while overall adoption is tepid, the Gartner research also found financial services and insurance companies were leading the way. Block.one’s new hire has significant experience in both.

Jesudason worked at Credit Suisse as head of global emerging markets in the financial institutions group. Earlier in his career he held positions at JPMorgan, Barclays, GE Capital and McKinsey & Company.

Block.one CEO Brendan Blumer welcomed the new appointment.

“Rob has a proven track record of success in global financial services, where he has been involved in industry innovation and facilitated regulatory advancement enabling the adoption of new technologies,” Bulmer said.

“His alignment with our organisational priorities of creating compliant, high performance blockchain solutions, is an ideal fit for Block.one, and is an exciting conclusion to our thorough search for the right individual.”

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