CBA appoints Matt Comyn as CEO

Commonwealth Bank has appointed digital specialist Matt Comyn as its new CEO.

Comyn, 42, was managing director of CommSec between 2006 and 2010 where he oversaw a significant modernisation of its technology platform and growing market share and profitability, the bank said on Monday.

He is replacing Ian Narvev who announced last August that he would retire at the end of this financial year.

In 2012, Comyn moved into the role of group executive, retail banking services, which now accounts for half of the group’s profit and leads the development of digital products and services.

During his time in retail banking, Comyn grew the number of active digital users to more than 6 million, including 4 million that log into the CommBank mobile app daily, the bank said.

“Matt also established a systematic program to improve customer outcomes, which has seen significant changes made to products, terms and conditions, fees and the way we engage with customers,” the bank said.

CBA chairperson, Catherine Livingstone, said in a statement that the Board’s priorities in selecting a new CEO were to identify the candidate who will maintain momentum in the business, address regulatory and reputational challenges and recognise evolving community expectations.

“The candidate also needs to transform the business and adapt the organisational capability and culture to suit the rapidly evolving competitive and technology-centric environment,” Livingstone said.

“Matt’s appointment will enable 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.”

CBA has been embroiled in controversy in recent months, admitting in December that it breached Australia’s money laundering and counterterrorism legislation more than 53,000 times.