CANBERA (dpa-AFX) - Commonwealth Bank of Australia (CBA.AX) said that Managing Director and Chief Executive Officer, Ian Narev, will retire by the end of the 2018 financial year, with the exact timing dependent on the outcome of an ongoing comprehensive internal and external search process.
The Chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, said that the Board had decided to provide details of its planned Chief Executive succession process to ensure the market is fully informed and to provide certainty for the business.
Pressure is building on Commonwealth Bank amid allegations by the nation's financial crimes agency that drug syndicates used its network of deposit machines to launder cash, despite warnings from police. The nation's securities regulator opened its own inquiry last week and the governor of the central bank called for accountability in the banking industry, which is beset by a string of scandals.
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