Jason Yetton, Adam Bennett set to leave Commonwealth Bank
CEO of CBA’s NewCo wealth and mortgage business is set to leave after just over a year in the role.
Jason Yetton, chief executive of Commonwealth Bank’s wealth management and mortgage business NewCo, will leave the bank next January.
Mr Yetton’s departure, foreshadowed by The Australian last month, is part of a wider executive reshuffle announced by CBA boss Matt Comyn on Wednesday.
Also leaving is group executive business and private banking Adam Bennett, who joined CBA’s group technology unit in 2004 and was appointed to his current role by Ian Narev, Mr Comyn’s predecessor, in 2015.
Mr Bennett, who will also leave next January, will be replaced from early February next year by Mike Vacy-Lyle.
Mr Vacy-Lyle is currently chief executive of FNB commercial banking, a division of FirstRand Banking Group in South Africa which is the country’s biggest commercial banking operation.
READ MORE: CBA arrears down as home lending grows | Decisions coming for CBA’s NewCo and Jason Yetton
In that role, he is responsible for 6000 staff and a full-service commercial banking operation to all business segments, including government and agriculture, international banking, lending, investment, insurance and advisory services.
Mr Comyn said that Mr Bennett felt it was the right time to pursue the next phase of his career after more than 15 years with CBA.
Mr Yetton was appointed chief executive of CBA’s wealth management and mortgage broking businesses, NewCo, in October 2018 to lead an intended demerger.
Last March, CBA announced the suspension of preparations for the demerger to prioritise customer remediation and the implementation of recommendations from the financial services royal commission.
Since then, Mr Yetton has overseen the divestment of Count Financial and refunds to customers for past issues in the wealth management unit.
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