Commonwealth Bank of Australia announced a new appointment to the bank’s Board of Directors.
The move comes against a backdrop of recent strife for the bank as it fights against scandals including a prosecution by the regulator Austrac and the growing likelihood of action from Asian and U.S. regulators.
Commonwealth Bank of Australia (CBA), in what is likely to be the first of several new appointments, named former Westpac banker Rob Whitfield, as Independent non-executive director of the Board effective immediately.
Risk Management
Whitfield ran Westpac's institutional banking arm before taking up a job as Secretary of the New South Wales (NSW) Treasury and has decades of experience in banking.
Prior to NSW Treasury role Whitfield had a 30 year career with Westpac, holding various senior positions, including chief executive officer of the Institutional Bank, chief Risk Officer, group treasurer and chairman of the Asia Advisory Board.
At Westpac he developed a deep knowledge in equity and capital markets and was instrumental in developing Westpac’s risk management function and strategies.
Moving Out
In its statement CBA also announced the retirement of Launa Inman and Harrison Young.
Inman has been a director of the Bank since March 2011 and a member of the Board’s Audit and Remuneration Committees. Young has been a director of the Bank since February 2007 and has been a member the Risk, Audit and Nominations Committees.
finews.asia reported recently that the Sydney-based bank said it will ease CEO Ian Narev out by next summer. CBA chair Catherine Livingstone termed it a «retirement,» with Narev's exact departure date dependent on how quickly the bank can replace him.
