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The Commonwealth Bank of Australia (CBA) has picked Matt Comyn as its new CEO.
Comyn replaces Ian Narev effective 9 April 2018. He is currently CBA's head of retail banking.
Narev announced in August that he would retire before the end of this financial year, after more than six years in the role.
Industry observers expected CBA to hire Narev's replacement from outside the bank.
“The Board’s main priorities in selecting the new CEO were to identify the candidate who will maintain the momentum in the business, and address the regulatory and reputational challenges and recognise evolving community expectations," said CBA chairman, Catherine Livingstone.
“His mandate is to continue to make the necessary changes to ensure CBA remains a leading bank with an unwavering focus on its customers and delivering outcomes for shareholders, while achieving the highest operational standards, unequivocally fulfilling our regulatory obligations."
Livingstone said Comyn's appointment will allow a smooth transition to new leadership, "as CBA responds to the current regulatory processes and legal proceedings, accelerating the related changes and improvements already underway".
Comyn acknowledged that the last six months have been very challenging for the bank, adding that he is committed to working with the CBA board, executive team and its people "to rebuild trust in the Commonwealth Bank together".
