CBA announces leadership update

CBE deputy chief stepping down in December

CBA announces leadership update

Commonwealth Bank’s David Cohen will step down from his role as deputy CEO, effective Dec. 31, as part of the bank's ongoing efforts to streamline its operations and align with strategic goals, CBA CEO Matt Comyn has announced.

Cohen (pictured above) was appointed to the deputy CEO role in November 2018, to support the bank’s initiatives aimed at simplifying its portfolio and intensifying focus on customer remediation and complaints.

With significant achievements in these areas, including the recent announcement of the intended sale of CBA's Indonesian subsidiary, PT Bank Commonwealth, and substantial progress on legacy customer remediation programs, the role of deputy CEO is now deemed fulfilled.

Cohen will maintain his role as CBA’s representative on the board of PT Bank Commonwealth throughout its sales transition, as well as retain his directorship of ASB, overseeing the group's New Zealand banking and funds management businesses.

Cohen joined CBA in 2008 and has held various key positions such as group general counsel, group executive human resources, group executive corporate affairs, and chief risk officer.

In his most recent role as deputy CEO, he has overseen the divestments of nine non-core banking entities, facilitating mergers and acquisitions to enhance the bank’s customer value proposition, and leading efforts to improve customer complaint resolution and remediation.

Comyn expressed his gratitude for Cohen’s contributions.

Cohen “has been instrumental in helping CBA become the simpler, better bank that our customers deserve,” Comyn said in a media release. “Thanks to his deep experience, sound judgment, and strong values, he has helped guide the bank through some of our most challenging periods."

Comyn also acknowledged Cohen's role as a respected role model and mentor within the organization.

“He has provided me with invaluable support, and on behalf of the board, executive leadership team and all the people of the Commonwealth Bank, I thank him for his distinguished service and wish him well for the future,” he said.

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