On Monday, the Commonwealth Bank of Australia named Alan Docherty as its chief financial officer following an unexpected exit of the previous CFO in May 2018. The development comes in the wake of the lender facing one of its worst governance crises since 2017.
Last year, a money laundering scandal in Australia’s biggest bank saw a high turnover in CEOs at the bank. Docherty’s appointment to the leadership team is the eighth after former chief executive officer, Ian Narev left the bank after the scandal.
Docherty has been the acting CFO since May 2018, following the unexpected departure of Rob Jesudason from the position.
In a statement, the Commonwealth Bank of Australia stated Docherty had been the CFO of the Institutional Banking and Markets unit of the bank.
“Alan has already made a significant contribution to the Executive Leadership Team over the past five months as we have made changes to become a simpler, better bank,” said CBA Chief Executive Officer Matt Comyn, who replaced Narev after his departure in April 2018.
Last week, Comyn told an Australian parliamentary committee that the Commonwealth Bank of Australia had fired 41 staff for misconduct in 2018; nine had resigned while being under investigation for matters that were likely to result in their termination of service. Incidentally, not all were directly linked to the Royal Commission’s inquiry that unearthed widespread misconduct in Australia’s financial services sector.
Alan Docherty’s appointment comes after after a global hunt for the right candidate. His is the eight appointment to the bank’s executive leadership since the breaking of a money-laundering scandal that shook Australia’s financial sector last year.