Commonwealth Bank of Australia
The Commonwealth Bank of Australia (CBA) chief executive Ian Narev will relinquish his role by 1 July 2018, chairman Catherine Livingstone has announced.
Livingstone said the exact timing of Narev’s departure would depend on the outcome of the bank’s search for a replacement.
“Succession planning is an ongoing process at all levels of the bank,” she said in a statement. “In discussions with Ian we have also agreed it is important for the business that we deal with the speculation and questions about his tenure so he can continue to focus, as CEO, on successfully managing the business.”
Two weeks ago the Australian Transaction Reports and Analysis Centre (AUSTRAC, a governmental anti-money laundering agency) launched civil proceedings against the bank in federal court, claiming it had made “serious and systemic” violations of anti-money laundering laws.
Livingstone declined to say if Narev offered to resign after the money laundering scandal broke.
The bank’s 2017 annual report shows Narev’s total remuneration was A$5.5m (£3.3m, $4.3m €3.6m) for the year ending June 30, down from $12.3m a year earlier – representing a 55% pay cut.
Last week, Australia’s largest bank beat analyst expectations by announcing a full-year cash profit of A$9.88bn (£6bn, $7.8bn, €6.64bn) – a 4.6% improvement on 2016.
Quilter Cheviot
After 12 years at the helm of Quilter Cheviot’s Birmingham office, Sean Raftery has passed on the reins as head of the office to executive director, David Jupp.
Jupp was previously deputy head of the company’s Midlands office; he joined Quilter Cheviot in 1999 from Capel Cure Sharp, previously Albert E Sharp.
Raftery, who has been with the firm for 23 years, will remain with the company and return his attention to his client facing role.
Quilter Cheviot’s Birmingham office opened in 1994. It has since grown to become the company’s largest regional team with 42 staff members.
Stonehage Fleming
Stonehage Fleming has announced the hire of Eva Sheppard as a senior director in its investment management division.
Sheppard has 20 years’ industry experience and joined the family office from EFG Private Bank where she was a senior director, responsible for a portfolio of UK high net worth clients and families.
At Stonehage Fleming she will work mostly with one of the firm’s long-held family clients. She will be based in London and report to Mark Sullivan, one of the firms partners.
LGT Vestra
Wealth manager LGT Vestra has bolstered the Business Development team with the appointment of a new director for its Scottish office, in the person of Lynsey Carson.
Carson will be responsible for developing the firm’s relationships with financial advisers and professional intermediaries in Scotland.
She has over 16 years experience in the financial services industry and has been with LGT Vestra for four years. Prior to LGT Vestra, she held senior positions at RBS and Natwest Private Banking, Coutts & Co and latterly Butterfield Private Bank where she was responsible for the wealth management services of the bank’s high net worth clients.
QBE Insurance
QBE Emerging Markets, a division of Sydney-headquartered QBE Insurance Group, has appointment Chris Kurinsky as chief executive for its office in Malaysia.
Kurinsky will be responsible for driving the company’s growth in the country and increase its share in specialty, commercial, small and medium enterprises and personal lines of business through initiatives and partnerships.
Prior to joining QBE, Chris was head of sales and direct marketing, consumer lines, for Chubb Insurance China.
QBE Emerging Markets has a presence in 22 markets in Asia Pacific and Latin America.
