Commonwealth Bank chief executive Ian Narev will retire by the end of June next year after Australia’s largest bank was accused of breaching money-laundering and terrorism-financing laws.
‘In discussions with Ian, we have … agreed it is important for the business that we deal with the speculation and questions about his tenure,’ chairman Catherine Livingstone said in a statement to the ASX.
Mr Narev has led CBA to a series of record annual profits since taking charge in 2011 but has been under pressure since Australia’s financial intelligence agency AUSTRAC accused CBA of breaching money laundering and terrorism financing laws.
He already has had his short-term bonus for the 2017 financial year slashed and taken a 55 per cent pay cut as a result of the scandal,
CBA’s annual report, released on Monday, shows that Mr Narev received total remuneration of $5.5 million in the 12 months to June 30, down from $12.3 million a year earlier following allegations the bank breached money-laundering and terrorism-financing laws.
Source: Commonwealth Bank chief to step down
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