Group Executive Wealth Management to leave CBA

Commonwealth Bank has announced that Annabel Spring, group executive wealth management, is leaving the group, effective December 2017.

The announcement follows the finalisation of the agreement for divestment of the group's Australian and New Zealand life insurance businesses.

Spring first joined the Commonwealth Bank in 2009 as head of strategy and has lead the group's wealth management teams for the last six years.

Commenting on her departure, Commonwealth Bank CEO, Ian Narev, said: "[Spring] has shown determined leadership in addressing complex and long-standing issues in the businesses while growing and transforming the businesses culturally, technologically and strategically. We thank her for her contribution, and wish her the very best for the next successful phase in her career."

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

Michael Venter, chief financial officer (CFO) of international financial services, and formerly group deputy CFO and CFO of the wealth management division, has been appointed chief operating officer of wealth management, effective immediately. He will represent wealth management at the group executive committee following Spring's departure.