At Commonwealth Bank’s annual general meeting last week, chair Paul O’Malley effectively told shareholders that chief executive Matt Comyn would be staying in the role for another three years.
This would take Comyn’s tenure as CEO to 10 years, and his total time at the bank to more than 25 years. Some investors welcomed the news, seeing it as a sign of leadership stability and continuity. Others are less convinced it's a good thing.
The extension would bring Comyn's tenure to over ten years. Jarden banking analyst Matt Wilson told Capital Brief the sweet spot for a bank CEO is five to six years.
“That’s enough time to implement your strategy, but not enough time to destroy it,” he said. He also argues that Australian banking has a serious issue with talent generally.
