Commonwealth Bank has hired Mike Vacy-Lyle from South Africa’s FirstRand Bank to replace Adam Bennett as head of its business and private banking unit.
Mr Bennett will leave CBA – whose wealth and mortgage broking boss is also departing – in January after more than 15 years with the bank and five in charge of the business unit, having given CBA time to find a successor.
“Adam felt that the time was right to pursue the next phase of his career,” chief executive Matt Comyn said on Wednesday.
“Adam is a highly respected leader whose banking and technology expertise has helped deliver many innovative digital solutions for our customers.”
Mr Vacy-Lyle is currently chief executive of FirstRand’s FNB Commercial Banking, the largest commercial bank in Africa with 6,000 staff.
“In Mike, we’ve found an outstanding people leader, with strong business banking credentials and exceptional relationship management skills,” Mr Comyn said.
“He has a proven track record in delivering customer solutions across all business bank lending, agribusiness and corporate financial services, as well as meeting the needs of private banking clients.”
Jason Yetten, chief executive of CBA’s wealth management and mortgage broking businesses since October 2018, will also leave in January.
Mr Yetton was appointed to lead an intended demerger but that was scrapped months later amid continued customer remediation issues arising from the financial services royal commission.
He eventually oversaw the divestment of financial planning arm Count Financial and refunds to wealth management customers.