Commonwealth Bank of Australia
(ASX:CBA) has announced chief executive Ralph Norris will retire at the end of November.
He will be succeeded by Ian Narev, the group’s head of business and private banking.
Mr Narev has been at the bank since 2007, leading the group’s $2billion takeover of Bankwest before leading private and small-to-medium business banking generating $1billion a year. Mr Narev came to the CBA from McKinsey & Co.
In the six months to 31 December 2010, Commonwealth Bank generated a net profit of $3 billion.
