June 25, 2018 / 12:18 AM / 5 months ago

UPDATE 1-Australia's CBA revamps executive team, taps ANZ's ex-chief risk officer

(Adds background, details on potential CFO appointment)

June 25 (Reuters) - Commonwealth Bank of Australia on Monday announced a flurry of executive team appointments, which included naming Nigel Williams as chief risk officer replacing David Cohen who was named deputy chief executive.

Williams served the same role at “Big Four” rival Australia and New Zealand Banking till he announced his intention to retire in December.

The changes were announced soon after CBA said it would hive off its wealth management and mortgage broking arm, while Australia’s biggest bank struggles to build its reputation after a series of scandals revealed flaws in its leadership culture.

Australia’s banks are reeling under an ongoing independent inquiry into the financial sector, that has exposed widespread misconduct, prompting calls for tighter regulation and stiffer penalties.

“We are still completing the search process for the final ELT (executive leadership team) position of Chief Financial Officer, considering both internal and external candidates,” Chief Executive Officer Matt Comyn said in a statement.

In May, the bank’s chief financial officer resigned unexpectedly, then the fifth executive to depart in one of the worst governance crises in the bank’s history.

That prompted Comyn to admit he would need weeks to make headway in building his new team, raising concerns over upheaval in the leadership group. (Reporting by Devika Syamnath in Bengaluru; Editing by Michael Perry)

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