Former Suncorp chief executive and Future Fund board founding member John Mulcahy will be chairman of Colonial First State Global Asset Management (CFSGAM) when it floats on the ASX later this year.
The Commonwealth Bank of Australia announced on Tuesday its intentions for wealth management subsidiary to pursue an IPO by the end of calendar year 2018.
CBA have approached a number of candidates who have agreed to join CFSGAM as independent non-executive directors when it forms a board in preparation for the potential listing later this year.
The candidates include John Mulcahy, Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat, according to the statement.
Mr Mulcahy, who will become chairman of the CFSGAM board when it forms, was managing director and chief executive officer of Suncorp-Metway between 2003 and 2009.
He has considerable board experience, and is currently a director at Future Fund, Mirvac Group, Coffey International, Pottinger, the Great Barrier Reef Foundation, GWA International and ALS Limited.
Mr Mulcahy is familiar with CBA, having held a number of senior positions prior to joining Suncorp, such as group executive of investment and insurance services.
He is also a former chief executive officer at Lend Lease Property Investment as well as Civil and Civic.
Meanwhile, CFSGAM’s current chief executive officer Mark Lazberger will remain in his role and will be appointed as an executive director to the board.