Australia’s biggest banker is staying put – but how long is too long?
Commonwealth Bank chief executive Matt Comyn will be a hard act to follow, irrespective of when he decides to vacate the building.
The 49-year-old occupies the biggest job in corporate Australia, and for the moment is staying put for another three years at CBA, but rest assured his departure will create ‘Succession’ level drama at Australia’s biggest bank.
On Wednesday, CBA chairman O’Malley raised the spectre of the end to Comyn’s rule when he placed a timeline on the CEO’s succession.
By the time Matt Comyn exits CBA he will have created a record as the longest serving big four bank boss in modern history.Credit: Jamie Brown
As CBA boss, Comyn is a person whose views on the pulse of the economy and consumer sentiment are sought after by everyone from the Reserve Bank board to the federal treasurer. For a third of Australians, Comyn’s pronouncements on the economy are of great importance, given the Commonwealth Bank is their main financial institution.
At the bank’s annual meeting on Wednesday, the bank told shareholders that Comyn will........
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