CBA Chief Risk Officer to step down
(1 February 2016 – Australia) Commonwealth Bank of Australia has announced that its chief risk officer, Alden Toevs, is stepping down from the role, to be succeeded by head of corporate affairs David Cohen.
Chief executive Ian Narev said on last week that Mr Toevs would retire from the role at the end of the financial year after eight years in the job,
"During his eight years as group chief risk officer, Alden has made a major contribution to the CBA group, during some very challenging times in global financial services," Mr Narev said.
Cohen, has been CBA's chief counsel since 2008 and also became head of corporate affairs in 2012.
In this role, Mr Cohen has fronted various public inquiries on behalf of CBA, including parliamentary probes into the problems in its financial planning arm and allegations of deliberate defaulting of business customers, which have been denied by the bank.
The promotion was a “logical next step” for Cohen according to Narev as he had become more involved in risk decisions at CBA.
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