The chief executive and managing director of New Zealand–based ASB Bank, a subsidiary of the Commonwealth Bank, has announced that she will retire in 2018.
Barbara Chapman has announced her intention to retire from the role at Easter next year. She has held the role since April 2011.
The move marks the third such announcement coming from CBA in as many months, with Ian Narev, the current CEO of the Commonwealth Bank stating in August that he will retire next year, while Annabel Spring, the head of the bank’s wealth business, will leave at the end of the year following the sale of the bank’s wealth business.
It comes during a tumultuous time for the bank, given the recent revelations of the bank's alleged breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
‘The time feels right to hand over’
In a statement, Ms Chapman said that “the time feels right to hand over to the next generation of leadership” and looks forward to taking time “to think about areas of future interest”.
She said: “Being chief executive of ASB has undoubtedly been the highlight of my career and I shall always be proud of what we have achieved.
“It has been a privilege to work with such passionate people over the years and I will continue to watch their careers with interest.”
Ms Chapman added that the bank was “on a strong course for the future” as it continues its focus on digital transformation, customer service and “fostering a culture of collaboration across the bank”.
She concluded: “In terms of my own future, I am just excited to be able to take some time to think about areas of future interest and challenge.”
The ASB board has reportedly already commenced a recruitment process for her replacement.
ASB chairman Gavin Walker commented: “Barbara’s decision to retire caps a remarkable career of continuous service to ASB and the Commonwealth Bank Group more broadly. She has been a passionate and effective chief executive for ASB and its people, successfully leading the organisation through a period of unprecedented change and market disruption.”
Mr Walker noted that, over her tenure as CEO, Ms Chapman has helped establish the bank as a “digitally focused organisation” and “played a key role” in growing ASB’s annual profits from $568 million in 2011 to more than $1 billion in the most recent financial year-end.
“The board, and CBA as shareholder, are grateful for Barbara’s leadership and dedication to ASB’s long-term success,” Mr Walker said.
“She has built an outstanding leadership team that will continue to seamlessly execute the bank’s strategy to achieve its goals and vision.”
Ms Chapman first started her career with the group as chief manager for marketing at ASB and has held a number of senior executive roles with the Commonwealth Bank Group since 1994.
In 2004, she was managing director and CEO of Sovereign Assurance Company Limited, the group’s New Zealand Life Insurance business, and then became group executive, human resources and group services for CBA in 2006.
She has been MD and CEO of ASB Bank, which provides retail and business banking services (including mortgages, personal loans and business loans), insurance through its Sovereign Arm, and investment and securities services through its ASB Group Investments and ASB Securities arms, since 2011.
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