In an email to senior colleagues, obtained by InvestorDaily's sister title The Adviser, the mortgage industry stalwart revealed her intention to leave the bank, expressing her satisfaction with the progress of the financial services sector from which she is departing.
“After 19 years and 15 of these building CBA’s presence in the mortgage broking channel, ‘it’s time’ to firstly take a break and then pursue the next big challenge,” Ms Cummings wrote.
“The mortgage broking industry in Australia is a rewarding, vibrant and ever changing business and I wish you… every success in the future.”
CBA subsequently issued a statement confirming the departure and thanking Ms Cummings for her contribution.
“In her time with the group, Kathy has made a significant contribution to the retail bank,” retail banking services group executive Matt Comyn said. “She has always been a great collaborator and has worked tirelessly for the good of her customers, brokers and her team.
“Kathy has led the rapid growth of our third party business, which has been recognised as the market leader for many years. As a pioneer in the mortgage broking industry more broadly, Kathy has served on a number of industry bodies, including chair positions with the MFAA board from 2002-2009.”
Lyn Cobley, executive general manager, retail products and customers, will now assume responsibility for the sales support and channel development team, led by Simon Elwig, and the broker sales service and cross-sell team, led by Sam Boer, the CBA statement said.
The changes become effective on 1 January 2014.
