Katz exits CBA after leadership reshuffle
(24 March 2006 – Australia) Commonwealth Bank group executive, Premium Business Services, Michael Katz, has left the bank after 13 years, following a reshuffle of CBA’s leadership team.
CBA chief executive Ralph Norris said Katz was leaving to "pursue other interests".
Katz had been hoping to secure the CEO role after the retirement of previous long term incumbent David Murray. Instead the role went to former Air New Zealand and CBA-owned ASB Bank chief executive Norris.
"I appreciate the support that Mike has given me over the past six months as we have been developing our strategic direction. The bank’s chairman, John Schubert, on behalf of the board, has also thanked Mike for his strong contribution during nearly 13 years with the bank," Norris said.
Katz has been replaced by Stuart Grimshaw who has moved across from Wealth Management.
Michael Cameron moves to Retail Banking Services from Finance and Risk Management. Hugh Harley moves to Group Strategic Development from Retail.
Grahame Petersen moves to Wealth Management from Group Strategic Development, and Gary Thursby will undertake the role of Acting Group Executive, Finance and Risk Management.
"This team has demonstrated strong leadership in their current roles and I am absolutely confident that they will carry out their new roles just as successfully," Norris said.
"The development of the bank’s strategy has been a cooperative effort and the wide experience that this team has from their previous roles will bring a collaborative approach to its implementation," he said.
CBA announces its strategic direction on 30 March.
Katz had been hoping to secure the CEO role after the retirement of previous long term incumbent David Murray. Instead the role went to former Air New Zealand and CBA-owned ASB Bank chief executive Norris.
"I appreciate the support that Mike has given me over the past six months as we have been developing our strategic direction. The bank’s chairman, John Schubert, on behalf of the board, has also thanked Mike for his strong contribution during nearly 13 years with the bank," Norris said.
Katz has been replaced by Stuart Grimshaw who has moved across from Wealth Management.
Michael Cameron moves to Retail Banking Services from Finance and Risk Management. Hugh Harley moves to Group Strategic Development from Retail.
Grahame Petersen moves to Wealth Management from Group Strategic Development, and Gary Thursby will undertake the role of Acting Group Executive, Finance and Risk Management.
"This team has demonstrated strong leadership in their current roles and I am absolutely confident that they will carry out their new roles just as successfully," Norris said.
"The development of the bank’s strategy has been a cooperative effort and the wide experience that this team has from their previous roles will bring a collaborative approach to its implementation," he said.
CBA announces its strategic direction on 30 March.
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