Commonwealth Bank of Australia announced a major shake-up in its executive leadership, with Sinead Taylor appointed as the new head of its institutional banking division.
The changes come as current Institutional Banking Chief Andrew Hinchliff transitions to the role of chief risk officer for the group.
Hinchliff, who has been with the institutional division since August 2018, will succeed Nigel Williams as chief risk officer when Williams retires in February 2025, following CBA's interim financial results.
Williams will continue to serve as a director of ASB, CBA’s New Zealand subsidiary, following his retirement.
With Taylor stepping into her new role, Emma Bunnell, who previously held a senior position at HSBC in Britain, will take over as COO.
In another key appointment, Kiersten Robinson has been named chief people officer, succeeding Sian Lewis, who will also retire in February 2025.
Robinson joins CBA from Ford Motor, where she held the position of president for Mexico and Canada.
CBA CEO Matt Comyn attributed the reshuffle to the planned departures of Williams and Lewis, stating that the changes are part of a broader strategy to ensure continuity and incorporate fresh perspectives.
"These changes provide both continuity and renewal, balancing experience and external perspectives," Comyn said.
The current head of retail banking Angus Sullivan and business banking chief Mike Vacy-Lyle are also considered internal front-runners to succeed Comyn, alongside CFO Alan Docherty.
Despite speculation around his tenure, Comyn affirmed his commitment to the bank, stating that he is "100% committed" to his role as CEO.
At the time of reporting, Commonwealth Bank's share price was $133.23.