CBA CEO to ‘retire’ next year

The chairman of the Commonwealth Bank of Australia, Catherine Livingstone AO, announced today (14 August)) that the board 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".

The bank said that the current managing director and chief executive officer, Ian Narev, will retire by the end of the 2018 financial year.

The exact time of his departure will be dependent on the outcome of "an ongoing comprehensive internal and external search process".

More details on Mr Narev's departure are expected later today.

The announcement comes following days of speculation about whether Mr Narev should continue as CEO given the recent revelations of the bank's alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

CBA has said that today's statement about Mr Narev's depature should provide clarity around his future at the bank, and "ensure he can continue to focus, as CEO, on successfully managing the business".

More to come.