The chair of the Commonwealth Bank, Catherine Livingstone, has announced that current chief executive Ian Narev will leave the bank by the end of the 2017-18 financial year.
In a statement posted to the ASX this morning, CBA chair Catherine Livingstone announced that current chief executive Ian Narev will "retire by the end of the 2018 financial year".
The "exact timing" of Mr Narev's departure will be "dependent on the outcome of an ongoing comprehensive internal and external search process", Ms Livingstone said.
Ms Livingstone said the banks had "decided to provide details of its planned chief executive succession process to ensure the market is fully informed and to provide certainty for the business".
"Succession planning is an ongoing process at all levels of the bank. In discussions with Ian we have also agreed it is important for the business that we deal with the speculation and questions about his tenure," Ms Livingstone said.
"Today’s statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business."
Ms Livingstone announced last week that Mr Narev's annual bonus had been reduced the zero (along with the annual bonuses of the all CBA group executives) in the wake of AUSTRAC's allegations against the bank relating to money laundering.