The chairman of Commowealth Bank of Australia David Turner announced that the board has appointed Ian Narev as the new chief executive officer of the Bank to replace Ralph Norris, Bloomberg reported.
Ralph Norris will retire in November and Narev will takeover from him on December 1, 2011, said chairman David Turner.
Ian Narev has been with the Commonwealth Bank Group since May 2007 and has been the group executive, business and private banking since January 2009.
Narev is an extraordinary executive, as well as proven and inclusive leader, Turner said.
"He has restructured and revitalized Business and Private Banking which has delivered double digit revenue and profit growth with significant efficiency gains," he added.
"I am really looking forward to taking over Australia's leading bank at a time of rapid change in the local and global economies, continuing the focus on transforming the Group to become Australia 's finest financial services organization and continuing to move that aspiration selectively into Asia," Ian Narev said.
Narev joined McKinsey in New York in 1998 and worked in its financial institutions group until 2002, before transferring to McKinsey’s Auckland and Sydney offices. He also became a global partner in 2003 and headed McKinsey’s New Zealand office from 2005 until his departure in 2007.