Narev shakes up CBA roles
(19 September 2011 – Australia) A shake up of Commonwealth Bank’s (CBA) group management team has already begun with incoming chief executive Ian Narev getting the ball going.
In what is set to be first of a number of changes over the coming year, chief executive-elect Narev has asked two existing executives to switch jobs, including the person who replaced him as head of strategy in 2009.
He has also appointed his first outsider, Robert Jesudason from investment bank Credit Suisse, into the key strategic planning role.
The changes will see one of Commonwealth's high-flying female senior executives, Annabel Spring, move into a front-line consumer job as head of its mammoth wealth management business, which includes Colonial First State and the bank's insurance arm.
She will take over from Grahame Petersen who has held the post for five years and becomes head of business and private banking, the role which has just been vacated by Mr Narev.
But the equally significant appointment is that of Mr Jesudason who early on in his career enjoyed a spell at McKinsey's, the management consultants from where Mr Norris recruited Mr Narev to head up Commonwealth's mergers and acquisitions team in May 2007.
In that role, Mr Narev was responsible for leading Commonwealth's A$2 billion purchase of BankWest during the global financial crisis and its follow-up investment of a significant minority stake in mortgage broker Aussie Home Loans.
Mr Narev also marked his appointment as the bank's chief executive designate with the recent A$370 million acquisition of Count Financial - a deal in which Ms Spring and Mr Petersen were both closely involved.
He has also appointed his first outsider, Robert Jesudason from investment bank Credit Suisse, into the key strategic planning role.
The changes will see one of Commonwealth's high-flying female senior executives, Annabel Spring, move into a front-line consumer job as head of its mammoth wealth management business, which includes Colonial First State and the bank's insurance arm.
She will take over from Grahame Petersen who has held the post for five years and becomes head of business and private banking, the role which has just been vacated by Mr Narev.
But the equally significant appointment is that of Mr Jesudason who early on in his career enjoyed a spell at McKinsey's, the management consultants from where Mr Norris recruited Mr Narev to head up Commonwealth's mergers and acquisitions team in May 2007.
In that role, Mr Narev was responsible for leading Commonwealth's A$2 billion purchase of BankWest during the global financial crisis and its follow-up investment of a significant minority stake in mortgage broker Aussie Home Loans.
Mr Narev also marked his appointment as the bank's chief executive designate with the recent A$370 million acquisition of Count Financial - a deal in which Ms Spring and Mr Petersen were both closely involved.
Subscribe