Former CBA boss Ian Narev gets new job at SEEK

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Former CBA boss Ian Narev gets new job at SEEK

Updated

April 02, 2019 12:34:58

Former Commonwealth Bank chief executive Ian Narev has been offered a new role by job-hunting website SEEK.

Mr Narev, 51, had kept a low-profile during the banking royal commission — and since what CBA called his early “retirement” in early-2018.

He will become SEEK’s new chief operating officer and chief executive of its Asia Pacific and Americas division from April 29.

In a statement, SEEK said that Mr Narev would work closely on “strategy development and operating priorities for the SEEK Group overall” with its CEO Andrew Bassat.

In the 2017-18 financial year, CBA’s senior executives collectively took a $100 million pay cut for their part in a series of financial scandals that damaged the bank’s reputation.

Mr Narev forfeited $13.9 million in long-term bonuses during this period, his final year at CBA.

The former bank boss was also heavily criticised over a money-laundering scandal that occurred under his leadership and resulted in the bank paying a record $700 million penalty.

‘Temper your sense of justice’

In November, CBA’s current boss Matt Comyn was questioned about the bank’s sale of junk credit card insurance to tens of thousands of customers (including students and unemployed people) who were ineligible to claim on it.

He told the banking royal commission that his predecessor Mr Narev was to blame.

Mr Comyn told the commission that, after he discovered these issues, he had a “robust discussion” with Mr Narev about suspending those sales, which would have impacted the bank’s profits.

He then claimed that Mr Narev told him to “temper your sense of justice”.

However, Mr Bassat lauded Mr Narev’s “deep strategic thinking ability” and welcomed him to the employment website.

“I am delighted that Ian will be joining SEEK and that we will benefit from his track record of being a proven, successful CEO of a complex organisation, with deep strategic thinking ability and an excellent understanding of the disruptive impact of technology,” Mr Bassat said.

“I am excited to be working with Ian and I am confident that his extensive experience, strong personal values and business acumen will complement those of the current executive leadership team.”

Topics:

business-economics-and-finance,

company-news,

banking,

australia

First posted

April 02, 2019 12:03:21

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