SEEK nabs former CommBank CEO Ian Narev

Written on the 2 April 2019 by Business News Australia

SEEK nabs former CommBank CEO Ian Narev

Former Commonwealth Bank boss Ian Narev, who left Australia's biggest bank in the wake of its 2018 money laundering scandal, has joined jobs site SEEK (ASX: SEK) in the newly created role of group chief operating officer and Asia Pacific and Americas CEO.

Narev will work in partnership with SEEK Group CEO and co-founder Andrew Bassat on strategy development and operating priorities.

This will be Narev's first executive role since resigning from CommBank amid fallout from the AUSTRAC investigation which alleged the bank was in 'serious' and systemic breach of money-laundering and terrorism-funding laws.

Narev was the bank's CEO during the time it was accused of breaching laws on more than 53,000 occasions via its network of automated cash deposit machines (IDMs).

The IDMs used by the Commonwealth Bank accept deposits both by cash and by cheque and the transactions had a total value of $624 million.

Following the allegations, Commonwealth Bank suffered in the court of public opinion. Narev and senior executives made the decision to not receive a bonus in the wake of the scandal and, ultimately he announced he would be leaving the bank in 2018 to be replaced by Matt Comyn.

On Narev's appointment to SEEK, Andrew Bassat said the company will benefit from his "track record of being a proven, successful CEO of a complex organisation."

"Throughout the process we undertook, it became clear that Ian has enormous value to bring to our organisation and is the stand out person for this role," he continued.

"I am confident that his extensive experience, strong personal values and business acumen will complement those of the current executive leadership team."

Reflecting on his new role, Narev said he has "great admiration" for Bassat and the company and hopes to progress SEEK's growth.

"When [Andrew] suggested this role would involve working in partnership with him  to progress SEEK's future growth opportunities, I found that irresistible," said Narev.

"Playing a part in helping SEEK to have a positive impact on an even bigger scale is tremendously exciting and I'm looking forward to making a significant contribution to working with the team."

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Business News Australia

 
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