The statement comes hot on the heels of a tumultuous few months for the big four bank, including a money laundering scandal, the sale of their controversial life insurance division CommInsure, and the retirement of current CBA Chief Executive Officer Ian Narev before July 2018.
Ian Narev commended Annabel on the major contributions she’s made to CBA since joining in 2009.
“Over the last six years, she has led and managed our diverse Wealth Management teams through challenging and changing times for the industry overall, and for CBA specifically.
“She has shown determined leadership in addressing complex and long-standing issues in the businesses while growing and transforming the businesses culturally, technologically and strategically.
“Annabel’s strategic leadership of the Wealth Management business led to the successful divestment of the property management businesses in 2014.
“We thank her for her contribution, and wish her the very best for the next successful phase in her career,” said Mr Narev.
Michael Venter, CEO of International Financial Services, and former Chief Financial Officer of the Wealth Management, has been appointed Chief Operating Officer of Wealth Management effective immediately. Following Annabel’s departure, he will represent Wealth Management at the Group Executive Committee.