New CBA chief executive Matt Comyn. Picture / supplied.
New CBA chief executive Matt Comyn. Picture / supplied.
Commonwealth Bank, which owns ASB, has promoted head of retail banking Matt Comyn to replace Ian Narev as the company's chief executive.
Comyn will take charge of Australia's biggest bank on April 9 and says he aims to rebuild trust in CBA, which has been beset by a series ofscandals — the most recent of which forced Narev to announce his retirement.
Comyn, who at 42 will be the youngest chief executive at any of the big four banks, will receive fixed remuneration of A$2.2 million ($2.43m) and be eligible for another A$2.2m in short-term incentives - plus up to A$3.96m in long-term incentives.
That means he could be paid as much as A$8.36m in the 2019 financial year.
Narev received A$8.77m in 2016 and A$5.71m in 2017, when the bank's executives forfeited short-term bonuses over AUSTRAC's allegations the bank failed to report suspicious transactions quickly enough.
Comyn was paid A$2.35m in 2017 and was among those who lost their short-term bonuses.
Comyn has led CBA's retail banking unit since 2012 and said the lender's size meant it had to be held to the highest standards.
"By virtue of the position CBA holds in the community we need to equally demonstrate the highest levels of integrity and operational standards to earn stronger levels of trust within the community and regulators," Comyn said after the announcement today.
"The last six months in particular have been very challenging and I am committed to working with the board, the executive team and our wonderful people to rebuild trust in the Commonwealth Bank."
Chairman Catherine Livingstone said Comyn, was best placed to maintain the bank's momentum and strong financial performance.
"In selecting the new CEO, the board considered, very carefully, which candidate would be best suited to manage the unique combination of the bank's commercial and operational priorities," Livingstone said.
"Of immediate concern, the bank currently faces a range of reputational, regulatory and legal issues that have overshadowed what has otherwise been very strong progress and performance."
Ms Livingstone would not discuss AUSTRAC's Federal Court case in detail but said Comyn was not solely responsible for any failings in the retail unit
"We regard this as an organisation-wide matter for which we all take collective responsibility," Livingstone said.
Narev announced in August he would leave the bank at the end of the 2018 financial year.
