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CBA has announced that the chief executive of NewCo, its spin-off established to demerge the bank’s wealth and mortgage broking businesses, will step down from his role.
The Commonwealth Bank of Australia (CBA) has announced that Jason Yetton, CEO of the bank’s wealth and mortgage broking business NewCo, will depart from his role in January 2020.
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Mr Yetton was appointed as the CEO in October 2018 to lead the intended demerger of CBA’s third-party businesses, which includes subsidiary Aussie Home Loans and a minority stake in Mortgage Choice.
In March 2019, CBA announced the suspension of preparations for the demerger, which it said was in order to prioritise customer remediation and the implementation of recommendations from the banking royal commission.
Since his appointment, Mr Yetton has overseen the divestment of Count Financial Ltd, and the refunding of customers for past issues in the wealth management businesses.
Commenting on the announcement, CBA Group CEO Matt Comyn said: “Jason has played a significant role in the divestment of Count Financial and planning for the exit of the aligned advice businesses, as well as making substantial progress on remediation activities across our wealth businesses.
“I thank him for his leadership of NewCo and wish him the very best for the future.”
CBA stated that its exit of its aligned advice businesses “remains on track” for completion by June 2020.
CBA added that it remains committed to implementing recommendations from the banking royal commission, refunding customers and remediating past issues in Colonial First State, and exiting the business at an appropriate time.
The major bank has not provided an update regarding its plans to demerge its broking businesses.
Mr Comyn has also announced that Adam Bennett, group executive, business and private banking, has decided to leave the group at the end of January 2020.
Mr Comyn commented: “After more than 15 years with the bank, Adam felt that the time was right to pursue the next phase of his career.
“Adam is a highly respected leader whose banking and technology expertise has helped deliver many innovative digital solutions for our customers, including the bank’s first-generation mobile banking app, our market-leading NetBank and CommBiz digital platforms, and BizExpress, our new simplified business lending proposition.
“We greatly appreciate Adam’s contribution to the group. We thank him for his commitment to our customers, the way he has led his teams with integrity and accountability, and the support and counsel he’s provided to me and his peers on the Executive Leadership Team. We wish him all the very best for the future.”
Mr Bennett added: “The decision to leave CBA has not been an easy one. It has been a great privilege contributing to the bank over the past 15 years through a number of diverse business and technology leadership roles.
“I am proud of the progress we are making to create a simpler, better bank for all of our stakeholders. I am highly appreciative of the many inspiring staff and customers with whom I have worked closely.”
Mr Bennett will be replaced by Mike Vacy-Lyle from in early February 2020, subject to meeting regulatory requirements.
Mr Vacy-Lyle is currently CEO of FNB Commercial Banking, a division of the FirstRand Banking Group in South Africa.
Mr Vacy-Lyle joined FNB in 2001 and has held various roles in commercial banking, including finance, pricing, product, capital management, sales and relationship management, until his appointment as CEO of FNB Commercial Banking in August 2011.
Reflecting on his appointment, Mr Comyn said: “In Mike, we’ve found an outstanding people leader, with strong business banking credentials and exceptional relationship management skills.
“He has a proven track record in delivering customer solutions across all business bank lending, agribusiness and corporate financial services, as well as meeting the needs of private banking clients.
“I am delighted that Mike is joining the Executive Leadership Team.”
[Related: CBA suspends demerger plans]
