Ian Narev

Last updated

Ian M Narev
Born (1967-04-22) 22 April 1967 (age 56)
Auckland, New Zealand
CitizenshipNew Zealand [1]
Alma mater University of Auckland
New York University
Cambridge University
TitleCEO, Seek Limited

Ian Mark Narev (born 22 April 1967) is the CEO of SEEK Limited. He is a former managing director and chief executive officer of the Commonwealth Bank Group commencing these roles on 1 December 2011 [2] and being succeeded by Matt Comyn.

Contents

Narev was educated at Auckland Grammar School in New Zealand and holds an undergraduate degree from the University of Auckland as well as graduate degrees from Cambridge University and New York University. [3]

From 1998 until 2007, Ian worked at McKinsey & Company, in the New York, Sydney and Auckland offices. He left to join the Commonwealth Bank. [4] On April 1, 2019 Narev was announced as the COO and CEO of the Asia-Pacific and Americas division of the Australian-based job-board SEEK. [5]

Personal life

Ian Narev was born in Auckland to a Jewish family. [6] As a child, he starred in a New Zealand television series Children of Fire Mountain. [7]

He lives in Australia with his wife Frances and their three daughters, Emilia, Zoe, and Alexandra.

Commonwealth Bank scandals

On 7 March 2016 Narev formally apologised to customers following a 2014 exposé by ABC TV Four Corners and Fairfax journalists into serious irregularities concerning the refusal of claims of dying and seriously ill clients by the insurance arm of the Commonwealth Bank. [8] [9] [10] On 14 August 2017, Narev announced he would step down as Commonwealth Bank CEO within a year amid allegations the bank breached anti-money laundering laws on almost 54,000 occasions. [11] [12]

Related Research Articles

<span class="mw-page-title-main">Commonwealth Bank</span> Australian multinational bank

The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015, with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank.

<span class="mw-page-title-main">SkyCity Entertainment Group</span> New Zealand gambling company

SkyCity Entertainment Group, also known as simply SkyCity, is a gambling and entertainment company based in Auckland, New Zealand. It owns and operates five casino properties in New Zealand and Australia, which include a variety of restaurants and bars, three luxury hotels, a convention centre and Auckland's Sky Tower.

<span class="mw-page-title-main">ANZ (bank)</span> Australian multinational bank

The Australia and New Zealand Banking Group Limited (ANZ) is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalisation.

<span class="mw-page-title-main">CPA Australia</span> Professional accounting body in Australia

CPA Australia is a professional accounting body in Australia, originally founded as the "Incorporated Institute of Accountants" in 1886. As of 31 December 2020, it has 168,736 members in 150 countries and regions around the world. CPA Australia currently has 19 staffed offices across Australia, China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, New Zealand and the UK.

<span class="mw-page-title-main">AMP Limited</span> Financial services company located in Australia and New Zealand

AMP is a financial services company in Australia and New Zealand providing superannuation and investment products, financial advice, and banking products including home loans and savings accounts. Its headquarters is in Sydney, Australia.

Gail Kelly is a South African-born Australian businesswoman. In 2002, she became the first female CEO of a major Australian bank or top 15 company and in 2005 was the highest paid woman in an Australian corporation. She is the former chief executive officer (CEO) of Westpac, a role she held from 2008 to 2015. In 2010 Kelly was named 8th most powerful woman in the world by Forbes and as of 2014, she is listed in 56th place.

Sir Ralph Norris is an Australasian business leader, knighted for services to New Zealand business in 2009. He transitioned from CIO to CEO, leading business and culture transformations across different industries. Currently the chairman of Craigs Investment Partners, Norris has held several chair and board roles and was previously CEO of ASB Bank (1991–2001), Air New Zealand (2002–2005) and the Commonwealth Bank Group (2005–2011). While at ASB, Norris was instrumental in the launch of New Zealand’s first automatic teller machines and Eftpos technology. He is known for his business turnaround acumen and 'no surprises' approach, demonstrating a practical and down-to-earth style. He led the banking industry globally in moving executive long-term incentives (LTIs) away from purely financial performance, linking them for the first time to customer satisfaction. Norris is a honorary Fellow of the Institute of IT Professionals, an ambassador of the Australian Indigenous Education Foundation, was awarded an Honorary Doctorate of Business by the University of New South Wales in 2012, and was inducted into the New Zealand Business Hall of Fame in 2014. He is a strong advocate of tertiary education.

Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism financing. AUSTRAC was established in 1989 under the Financial Transaction Reports Act 1988. It implements in Australia the recommendations of the Financial Action Task Force on Money Laundering (FATF), which Australia joined in 1990.

<span class="mw-page-title-main">Rugby League Players Association</span>

The Rugby League Players Association is a representative organisation based in Australia. The RLPA, as it is more commonly referred to, is the representative body of elite rugby league players, protecting and promoting the welfare and interests of its members.

<span class="mw-page-title-main">Westpac</span> Australian multinational bank

Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.

Simon Paul Moutter is a New Zealand engineer and businessman, and was Managing Director of Spark New Zealand from 1 September 2012 to 30 June 2019. He is currently appointed as a non-exec Director for the Commonwealth Bank of Australia

Promontory Financial Group, a wholly owned subsidiary of IBM, is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.

Bruce Eric Castle is a New Zealand rugby league footballer who represented New Zealand.

Ross Maxwell McEwan is a New Zealand banker, and the chief executive officer (CEO) and managing director of National Australia Bank.

Alex Malley, is an Australian accountant and business executive who is currently the CEO of the Australian Chiropractors Association since 2022, and the former chief executive of CPA Australia from 2009 to 2017. He was removed by the CPA board of directors in late June 2017 after months of controversy regarding his salary and the use of CPA funds for self-promotion of his book and TV program.

Shayne Elliott is a New Zealand banker, and the chief executive officer (CEO) of ANZ Bank.

Matt Comyn is a business executive and the current chief executive officer (CEO) of Australia's Commonwealth Bank, one known to be a part of the "Big Four Banks". Having been with the bank since 1999, Comyn became the CEO in April 2018, taking over from Ian Narev. In 2010 Comyn briefly joined Morgan Stanley's Australian brokerage business, however came back to the Commonwealth Bank, and worked under Ian Narev.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions. A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities, and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities and impropriety in foreign exchange trading.

<span class="mw-page-title-main">Jayne Hrdlicka</span> American-Australian airline executive

Carla Jayne Hrdlicka is an American-born business executive based in Australia. She is currently the chairman and Board President of Tennis Australia, having been appointed in October 2017. In November 2020, she became the chief executive officer (CEO) of Australian airline Virgin Australia, replacing Paul Scurrah. Her resignation from the airline was announced in February 2024.

References

  1. Ian Narev to take helm of CBA Archived 30 June 2015 at the Wayback Machine
  2. Commonwealth Bank of Australia appoints Ian Narev as next CEO
  3. "Executive profile-Ian Narev". Bloomberg BusinessWeek. Retrieved 6 March 2013.[ dead link ]
  4. "Spotlight On: Ian Narev, CEO, Commonwealth Bank of Australia". 2013.
  5. "Commonwealth Bank's former boss Ian Narev gets new job at SEEK". ABC News . Australia. 2 April 2019. Retrieved 9 September 2019.
  6. "How a family's journey made Ian Narev". Financial Review. 7 June 2012.
  7. "Children of Fire Mountain". IMDb .
  8. "CommInsure: Who's who in the Commonwealth Bank's life insurance scandal?". Four Corners . Australian Broadcasting Corporation. 8 March 2016. Retrieved 6 October 2017.
  9. Ferguson, Adele (5 May 2014). "Banking Bad" (transcript). Four Corners . Australian Broadcasting Corporation . Retrieved 1 March 2018.
  10. Janda, Michael (4 July 2014). "Commonwealth Bank boss Ian Narev says sorry for multi-million-dollar financial planning scandal". ABC News . Australia. Retrieved 1 March 2018.
  11. "CBA chief Ian Narev to step down within a year". Herald Sun. 14 August 2017. Retrieved 6 October 2017.
  12. "Commonwealth Bank will take months to respond to AUSTRAC money laundering case". ABC News . Australia. 4 September 2017. Retrieved 6 October 2017.
Business positions
Preceded by chief executive officer
of the Commonwealth Bank of Australia

2011  2018
Succeeded by