Rocked by a series of scandals, Commonwealth Bank of Australia is shedding three senior members of its management team ahead of the arrival of incoming chief executive Matt Comyn.
Comyn is set to replace incumbent Ian Narev in April as the bank prepares to deal with allegations of money laundering and a powerful judicial inquiry into the financial sector.
The top level shake-up sees the departure of HR chief Melanie Laing, institutional banking and markets head Kelly Bayer Rosmarin, and CIO David Whiteing.
Announcing the reshuffle, Narev says: “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.”
Comyn, CBA's former head of retail banking, says he has commenced the search processes for these positions and for a replacement for his own role.
Whiteing joined CBA in September 2013 and was appointed group executive enterprise services and chief information officer in July 2014. Paul Newham, currently head of group operations will take acting responsibilities for the Enterprise Services division while a global search is undertaken for Whiteing’s successor.
Says Comyn: “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."
The bank is awaiting civil proceedings commenced by regulator Austrac over allegations of money laundering compliance failures related to the use of the bank's Intelligent Deposit Machines. In its half-year results statement CBA set aside $375 million to cover potential costs.