There Are Some Big Management Changes Going On At The Commonwealth Bank

CBA CEO Ian Narev. Photo: Getty Images.

The Commonwealth Bank’s senior executive team is losing two key members, company CEO Ian Narev announces.

Handing in his notice, Grahame Petersen, group executive business and private banking, will retire at the end of the year after nearly 35 years at the bank, 10 of which were spent as a member of the group executive team.

“Grahame is widely admired and will be missed. For some time now he has been discussing with me his intention to retire and broaden his interests,” Narev said, adding Petersen will stay on several of CBA’s subsidiary boards post retirement.

The second exit from the leadership team is CBA’s group executive international financial services, Simon Blair, who is stepping down at the end of October. He will stay on as a full time employee at the bank – representing it on boards in China, New Zealand and the UK.

“Simon has significantly enhanced the Group’s business in Asia,” Narev said, adding he is relocating to London for “personal reasons”.

Narev said of Blair, “He has a deep understanding of the long term opportunities in the region. Due to his strong empathy for the many different cultures in which we do business, he has built strong relationships with customers, our people, regulators and business partners in our priority markets.”

Assuming Blair’s exec role from November 1 will be Rob Jesudason, the bank’s current group executive group strategic development.

While CBA searches for a replacement, Jesudason will also retain his current role. It is also on the hunt for a new exec to head-up private banking.

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