Ian Narev, the managing director and chief executive officer of the Commonwealth Bank of Australia, is set to retire by the end of the 2018 financial year.
The bank confirmed that the exact timing of Mr Narev's departure would be dependent on the outcome of an ongoing internal and external search for his replacement.
Catherine Livingstone, chairman of the Commonwealth Bank of Australia, said the board had decided to provide details of its planned CEO succession process to ensure that the market was fully informed and to provide certainty for the business.
“Succession planning is an ongoing process at all levels of the bank.
“In discussions with Ian we have also agreed it is important for the business that we deal with the speculation and questions about his tenure.
“[This] statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.”
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