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CBA winds up deputy CEO role

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By Jessica Penny
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2 minute read

The original objective behind the creation of the executive role has been achieved, according to the major bank.

Commonwealth Bank has announced that David Cohen will finish in his role as deputy chief executive officer on 31 December 2023.

Mr Cohen was appointed to the newly created role in November 2018, first designed to support the bank’s efforts to simplify its portfolio and increase focus on customer remediation and complaints.

He also oversaw CBA’s divestments of nine non-core banking entities and supervised a number of mergers and acquisitions.

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Before joining the major bank in 2008, Mr Cohen was general counsel of AMP and a partner with Allens Arthur Robinson for 12 years.

During his 15 years of service with CBA, he has also held the roles of group general counsel, group executive human resources, group executive corporate affairs, and chief risk officer.

According to CBA, the work of the deputy CEO is now complete following substantial progress on legacy customer remediation programs, alongside the recent announcement of the intended sale of CBA’s Indonesian subsidiary, PT Bank Commonwealth.

Mr Cohen will continue to serve as the bank’s representative on the board of PT Bank Commonwealth during its sale transition and remain a director of ASB, the group’s New Zealand banking and funds management businesses.

Commenting on his departure, CEO Matt Comyn said that Mr Cohen has helped CBA become a “simpler, better bank that our customers deserve”.

“Thanks to his deep experience, sound judgement and strong values, he has helped guide the bank through some of our most challenging periods,” Mr Comyn added.

“David has been a valued member of the executive leadership team and a respected role model and mentor to countless team members across the bank.

“He has provided me with invaluable support, and on behalf of the board, executive leadership team, and all the people of the Commonwealth Bank, I thank him for his distinguished service and wish him well for the future,” he concluded.

CBA winds up deputy CEO role

The original objective behind the creation of the executive role has been achieved, according to the major bank.

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