Ian Narev

Ian M Narev
Born (1967-04-22) 22 April 1967
Auckland, New Zealand
Citizenship  New Zealand[1]
Alma mater University of Auckland
New York University
Cambridge University
Occupation Managing Director and Chief Executive Officer
Employer Commonwealth Bank of Australia
Salary AUD 12,300,000[2]

Ian Mark Narev (born April 22, 1967) was the Managing Director and Chief Executive Officer of the Commonwealth Bank Group commencing these roles on 1 December 2011 [3] and being succeeded by Matt Comyn.

Narev was educated at Auckland Grammar School in New Zealand and holds an undergraduate degree from the University of Auckland as well as graduate degrees from Cambridge University and New York University.[4]

Early life and career

Ian Narev was born in Auckland to a Jewish family.[5] As a child, he starred in a New Zealand television series Children of Fire Mountain.[6]

From 1998 through 2007, Ian worked at McKinsey & Company, in the New York, Sydney and Auckland offices. He left to join the Commonwealth Bank.[7]

Commonwealth Bank scandals

On 7 March 2016 Narev formally apologised to customers following a 2014 exposé by ABC TV Four Corners and Fairfax journalists into serious irregularities concerning the refusal of claims of dying and seriously ill clients by the insurance arm of the Commonwealth Bank.[8][9][10] On 14 August 2017, Narev announced he would step down as Commonwealth Bank CEO within a year amid allegations the bank breached anti-money laundering laws on almost 54,000 occasions;[11][12] and the above fraud scandal that left thousands of CBA customers millions of dollars out of pocket.

References

  1. ↑ Ian Narev to take helm of CBA Archived 30 June 2015 at the Wayback Machine.
  2. ↑ "Commonwealth Bank chief executive Ian Narev takes home $12.3 million".
  3. ↑ Commonwealth Bank of Australia appoints Ian Narev as next CEO
  4. ↑ "Executive profile-Ian Narev". Businessweek. Retrieved 6 March 2013.
  5. ↑ "How a family's journey made Ian Narev". Financial Review. 7 June 2012.
  6. ↑ "Children of Fire Mountain".
  7. ↑ "Spotlight On: Ian Narev, CEO, Commonwealth Bank of Australia". 2013.
  8. ↑ "CommInsure: Who's who in the Commonwealth Bank's life insurance scandal?". Four Corners. Australian Broadcasting Corporation. 8 March 2016. Retrieved 6 October 2017.
  9. ↑ Ferguson, Adele (5 May 2014). "Banking Bad" (transcript). Four Corners. Australian Broadcasting Corporation. Retrieved 1 March 2018.
  10. ↑ Janda, Michael (4 July 2014). "Commonwealth Bank boss Ian Narev says sorry for multi-million-dollar financial planning scandal". ABC News. Australia. Retrieved 1 March 2018.
  11. ↑ "CBA chief Ian Narev to step down within a year". heraldsun.com.au. 14 August 2017. Retrieved 6 October 2017.
  12. ↑ "Commonwealth Bank will take months to respond to AUSTRAC money laundering case". ABC News. Australia. 4 September 2017. Retrieved 6 October 2017.
Business positions
Preceded by
Ralph Norris		 Chief Executive Officer
of the Commonwealth Bank of Australia
2011 – 2018		 Succeeded by
Matt Comyn
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