Commonwealth Bank of Australia appointed a new chief operating officer of wealth management.
Michael Venter takes up the position with immediate effect. His appointment follows news of the finalization of the agreement for divestment of the group's Australian and New Zealand life insurance businesses, and the December 2017 departure of group executive wealth management, Annabel Spring.
Venter was most recently the group's chief financial officer (CFO) of international financial services, and was formerly group deputy CFO and CFO of the Wealth Management division. In his new role, Venter will represent wealth management at the group executive committee following Spring’s departure, the bank said in a press release.
Spring (pictured), will continue to lead the wealth management businesses, the divestiture, of the CommInsure unit and the strategic review until the end of the year. She joined Commonwealth Bank of Australia (CBA) in 2009 as group head of strategy where she was responsible for strategy, mergers and acquisitions, and government relations.
«Annabel's strategic leadership of the Wealth Management business led to the successful divestment of the property management businesses in 2014, and now to today's announcements,» said Ian Narev, Commonwealth Bank chief executive officer.
