CBA has announced the appointment of a new executive chairman to Colonial First State (CFS) ahead of the sale of its 55 per cent stake to private equity player KKR.
Rob Coombe has been appointed executive chairman-elect of CFS and will commence in the role following the completion of its sale to KKR. Mr Coombe is currently chairman of Generation Development Group, and was chairman of MLC Wealth from June 2020 to February 2021.
“We are delighted to welcome an executive of Rob’s calibre to the team, with his strong skills in superannuation and funds management, and a proven track record improving customer experiences,” said CBA deputy chief executive David Cohen.
“As executive chairman, he will play a key role in helping make CFS one of the most competitive superannuation and investments businesses in Australia, which will benefit its members and support future growth.”
Mr Coombe has also previously worked as Westpac’s group executive for retail and business banking from 2010 to 2011 before spending six years as CEO of BT Financial Group. Until the sale of CFS completes, he will work in an external advisory capacity.