CBA appoints Wealth Management COO

Commonwealth Bank has announced the appointment of Michael Venter as chief operating officer of wealth management, effective immediately.

His appointment follows news of the finalisation of the agreement for divestment of the group's Australian and New Zealand life insurance businesses, and the December 2017 departure of group executive wealth management, Annabel Spring.

Venter was most recently the group's chief financial officer (CFO) of international financial services, and was formerly group deputy CFO and CFO of the wealth management division.

In his new role, Venter will represent wealth management at the group executive committee following Spring's departure.

Spring will continue to lead the wealth management businesses, the divestiture, and the strategic review until the end of the year.