Commonwealth Bank of Australia (ASX:CBA) has announced its Managing Director and Chief Executive Officer, Ian Narev will retire by the end of the 2018 financial year.
The big four bank says the exact timing of his departure will depend on when his replacement is hired.
In an announcement to the market, the bank noted the importance of dealing with speculation and his tenure coming to an end.
Narev joined the group in 2007, serving at the helm since 2009.
The announcement comes just one week after AUSTRAC started reviewing allegations about money laundering in relation to the lodgment of transaction reports.
Shares in Commonwealth Bank of Australia (ASX:CBA) are trading 0.57 per cent higher to $80.96.