CBA names NewCo CEO

Commonwealth Bank of Australia has announced the appointment of Jason Yetton as chief executive officer of CBA's wealth management and mortgage broking businesses (NewCo), as well as the appointment of Andrew Morgan as chief financial officer.

These appointments follow CBA's commitment in June 2018 to the demerger of NewCo, which includes Colonial First State, Count Financial, Financial Wisdom, Aussie Home Loans and CBA's minority shareholdings in ASX-listed companies CountPlus and Mortgage Choice. Colonial First State Global Asset Management (CFSGAM) will no longer form part of NewCo, following the announcement of an agreement to sell CFSGAM to Mitsubishi UFJ Trust and Banking Corporation.

Yetton will join NewCo after two years as CEO and managing director of online marketplace lender, SocietyOne. Prior to that, he spent more than 20 years at Westpac and BT Financial Group, including as group executive of Westpac Retail and Business Banking.

Morgan will move into his new role from his current role as chief financial officer, wealth management at CBA.

CBA chief executive officer, Matt Comyn, said: "The appointments bring an important mix of external and internal experience, as well as a deep understanding of wealth management and financial services, to lead the new entity.

He added: "Jason is an accomplished leader, with deep wealth management and broad financial services experience. He is well positioned to lead NewCo and will be strongly supported by Andrew."

The appointments will be effective 1 December 2018, with Yetton's appointment subject to regulatory approvals, including any applicable APRA registration requirements.