CBA wealth boss to exit

The chief executive of NewCo is set to exit among other changes to Commonwealth Bank's group executive lineup.

Jason Yetton will depart in early January 2020 after just over 12 months in the role.

To date, Yetton oversaw the divestment of Count Financial and remediation for wealth clients, and CBA said it is on track to divest aligned advice businesses by June 2020.

The bank has not announced a replacement NewCo chief.

CBA chief executive Matt Comyn said: "Jason has played a significant role in the divestment of Count Financial and planning for the exit of the aligned advice businesses as well as making substantial progress on remediation activities across our wealth businesses."

"I thank him for his leadership of NewCo, and wish him the very best for the future."

CBA also announced its group executive for business and private banking Adam Bennett will leave the company at the end of January 2020 to pursue other opportunities.

CBA has appointed from outside the bank for Bennett's replacement bringing in Mike Vacy-Lyle.

Vacy-Lyle is currently chief executive of FNB Commercial Banking, a division of the FirstRand Banking Group in South Africa.

One year on from NewCo

CBA hired Yetton from SocietyOne in October last year to lead its wealth and mortgaging businesses as the bank planned to spin them off as a separate entity, christened NewCo. At the same time, it said the asset management business CFSGAM would be sold separately to Japanese giant MUFG, which was completed in late July this year.

The original plan for NewCo was for it to include Colonial First State, Count Financial, Financial Wisdom, Aussie Home Loans and CBA's minority shareholdings in ASX-listed CountPlus and Mortgage Choice.

The bank later put the demerger on ice, saying it was focusing on implementing Royal Commission recommendations and remediating clients.

It sold Count Financial, and announced plans to shut down Financial Wisdom in July.

Also in July, Colonial First State was taken out of NewCo and reported to CBA's deputy chief executive David Cohen.

Read more: CBACount FinancialColonial First StateAdam BennettJason YettonMatt Comyn
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