CBA announces new Boss
Peter Overton: The Commonwealth Bank has chosen its new CEO from within the scandal-plagued company.
Despite the lender facing a Royal commission into its conduct, the new boss will still take home a multi-million dollar pay packet.
Ross Greenwood: The new boss is 42 year old Matt Comyn, head of the Commonwealth’s Retail Bank. He replaces Ian Narev in April.
Ian Narev: He is going to be an exceptional chief executive.
Ross: Comyn is a senior partner of the team that presided while scandals erupted in financial planning, insurance and more recently, revelations its automatic teller machines aided and abetted money laundering.
Those ATMS were rolled out by Comyn’s division.
Matt Comyn: I certainly feel its entirely appropriate to share a collective accountability for the issues we’ve had.
Ross: Comyn’s maximum pay packet is $8.36 million. $2.2 million is base pay. There are short-term incentives of another $2.2 million, and long-term bonuses of just under $4 million.
But the base pay is 17 per cent less than the outgoing boss.
Catherine Livingstone: Yes, we’ve set a fixed remuneration at a level well-below Ian’s but we think that is appropriate.
Ross: For the Commonwealth Bank, these key positions – its chief executive, chair and an outgoing chief executive – are absolutely key in regards to its Royal Commission.
Because they hold the key, to whether the reputation of Australia’s largest bank, Australia’s largest company, is going to be safe in the mind of investors and customers.
The whistle-blower who triggered the financial planning scandal thinks a CEO from outside is the only way for meaningful change.
Jeff Morris: Why wouldn’t you, given what’s occurred, take the opportunity for fresh blood, reboot the whole bank and say things are going to be different with a new chief executive.
Matt: The important part for me in this role of Chief Executive to lead the organisation through that and to come out a stronger organisation.
Ross: Ross Greenwood, Nine News
Interviewed Michael Rodden, The Australian titled ” What are the new allegations against the Commonwealth Bank? .”