The chair of Colonial First State has announced that she will retire as CBA prepares to sell its stake in the wealth manager to KKR.
Anne Ward will step down in 20 December, having served on the company’s board as a non-executive director and chairman for eight years. A new chair has not yet been appointed.
“It has been a privilege to serve on the board of Colonial First State as its independent chairman for the past eight years,” Ms Ward said.
“CFS is one of the leading superannuation and investment businesses in Australia and I am proud to have played a part in its many achievements during my tenure.”
CBA is aiming to sell 55 per cent of CFS to KKR in the first half of calendar year 2021 as it focuses on its core banking business. The transaction is expected to net it some $1.7 billion.
“Anne’s decision to retire after eight full years comes at a time when the business and its management team are well placed for future success,” said CBA deputy chief executive David Cohen.
“Preparations are well underway for CFS’s establishment as a focused, standalone business with a separate management team and board under its new ownership arrangements. I would like to acknowledge Anne’s strong leadership of the board and thank Anne for her significant contribution to CFS and commitment to improving member outcomes.”