Comyn or goin'?
2024 is the year of succession for Australia's major banks. The one exception is CBA, where Matt Comyn is well-settled — but there are hints he too may be looking further afield.
One down, two to go. Or is that three? Following Andrew Irvine’s elevation to National Australia Bank CEO, Capital Brief’s revelation Westpac’s chair has accelerated the search for Peter King’s replacement, and the likelihood ANZ’s Shayne Elliott will move on this year, only Commonwealth Bank’s Matt Comyn looks settled.
And that’s the issue according to the vibe in the market. As the youngest and most successful of the current crop of CEOs, the view is Comyn, who is 49, has another top executive gig in him, and he is entering the six to eight year optimum stretch for a CEO.
That view was spiced up a tad at the recent AFR Banking Summit when Comyn was anything but the emollient big bank boss the Australian political and popular audience expects. (NAB’s Ross McEwan was forthright too but then he only had a week left in the job.)
Comyn’s star can’t rise much higher at CBA. His pay packet already tops $10 million, which is close to the lucre ceiling in Australia unless you work for Macquarie Group. And the bank’s share price continues to defy fundamental analysis.
