Commonwealth Bank deputy CEO David Cohen to depart
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The news: Commonwealth Bank deputy chief executive David Cohen will finish his role at the end of the calendar year after the bank said the position was no longer required.
The context: The bank created the role in 2018 and installed Cohen to supervise some mergers and acquisitions, divest some businesses and improve the handling of customer complaints.
Plans to sell the Indonesian subsidiary, PT Bank Commonwealth, and progress on customer remediation programs means the work of the deputy chief executive has been completed, the bank said.
Cohen will continue on the board of PT Bank Commonwealth during its sale transition. He will also remain a director of the group's New Zealand banking and funds management business ASB.
What they said: "David has been instrumental in helping CBA become the simpler, better bank that our customers deserve. Thanks to his deep experience, sound judgement and strong values, he has helped guide the bank through some of our most challenging periods," - chief executive Matt Comyn.
The source: Commonwealth Bank
