The Commonwealth Bank has announced wealth management group executive Annabel Spring will leave the company in December, following the news of the divestment of CommInsure and Sovereign.
Annabel Spring, who joined CBA in 2009 as head of strategy, will leave the bank following today's announcement of the divestment of CBA's life insurance businesses CommInsure and Sovereign.
Ms Spring will be replaced on the bank's executive committee by chief financial officer for international financial services Michael Venter, who will assume the new role of chief operating officer, wealth management.
CBA chief executive Ian Narev said Ms Spring had led the wealth management team “through challenging and changing times for the industry overall, and for CBA specifically”.
“She has shown determined leadership in addressing complex and long-standing issues in the businesses while growing and transforming the businesses culturally, technologically and strategically,” Mr Narev said.
He said her “strategic leadership” had led to the “successful divestment” of businesses in 2014 and of CommInsure, as reported by InvestorDaily.
“We thank her for her contribution, and wish her the very best for the next successful phase in her career.”
Ms Spring will continue in her role until December.
The new representative of wealth management to the group executive committee will be chief financial officer, international financial services Michael Venter, who has been appointed to wealth management chief operating officer, effective immediately.
Mr Venter will “work on any organisational change resulting from today’s announcements”, according to a statement by CBA.