CBA boss Matt Comyn to stay on for another three years

1 month ago 15

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Commonwealth Bank chair Paul O’Malley has signalled that chief executive Matt Comyn is likely to remain in the job for another three years, which would mean serving for a decade as the boss of Australia’s largest bank.

Speaking to CBA shareholders at the bank’s annual meeting on Wednesday, O’Malley said he intended to stand for his final three-year term as chair, with the support of the board.

CBA chief executive Matt Comyn is likely to remain the boss of the bank until at least 2028.

O’Malley added that the next chair would appoint the successor to Comyn, who has been the CEO of CommBank since April 2018.

“One of the board’s key roles is appointing the CEO and ensuring appropriate succession plans. We have been pleased with the performance of Matt as CEO,” O’Malley said at the meeting in Brisbane.

“As I mentioned, I will stand for re-election today for my final three-year term. Our intention and expectation is that the decision as to the appointment of the next CEO will be made by the board led by my successor as chair.”

Comyn, a long-time CBA banker, is by far the longest-serving CEO among the bosses of Australia’s big four, after being appointed to the job when the bank was reeling from a bombshell money laundering compliance scandal and a run of scandals in its wealth management operations.

CBA’s share price has been on a tear in recent years, sparking debate over whether it is overvalued. CBA shares have gained 20 per cent in the past year, as investors have flocked to the bank against a volatile global backdrop.

In the lead-up to Wednesday’s AGM, the Australian Shareholders’ Association highlighted the importance of succession planning at CBA, while also praising Comyn’s performance in the top job. The ASA said Comyn was of “key importance” to the bank and that he was one of the country’s top business leaders.

“He is yet to turn 50 and has publicly stated he has no plans for retirement but nevertheless after seven years as CEO, succession planning is of vital interest to all shareholders,” the ASA’s pre-AGM note said.

More to come...