The Commonwealth Bank of Australia (CBA) has announced that its current chief executive Ralph Norris will retire and appointed Ian Narev to lead the nation's biggest bank.
Narev has been with CBA since May 2007 and has held the role of group executive for business and private banking since January 2009.
Prior to his current role, Narev spent 18 months as group head of strategy where he led the acquisition of Bankwest and the investment in Aussie Home Loans.
"Ian is an extraordinary executive, he has restructured and revitalised business and private banking which has delivered double digit revenue and profit growth with significant efficiency gains," CBA chairman David Turner said.
"The business and private banking division generates $1 billion in net profit after tax comprising small to medium enterprise banking, private banking, on-line brokerage and margin lending.
"In the last two years he has led the division's 4,000 staff to significantly lift customer satisfaction."
Narev would take over from Norris on December 1 this year.
