Yetton and Bennett depart CBA

  • By AB+F Editorial

Commonwealth Bank executives Adam Bennett and Jason Yetton will leave the bank next year.

The bank also announced that Mike Vacy-Lyle, currently CEO of FNB Commercial Banking – a division of the FirstRand Banking Group in South Africa will take on Bennett’s job, starting with the bank in February 2020.

Bennett was group executive of business and private banking and Yetton, was CEO of the bank’s wealth management and mortgage broking business, NewCo.

Bennett joined the bank’s group technology unit in 2004, and was chief information officer for the retail and business banking divisions during a time of core banking technology modernisation.

In 2009 he joined the business and private banking leadership team, and became the executive general manager of local business Banking in 2012.

In 2015 he was appointed group executive business and private banking.

“The decision to leave CBA has not been an easy one,” Bennett said in a statement.

“It has been a great privilege contributing to the bank over the past 15 years through a number of diverse business and technology leadership roles.

“I am proud of the progress we are making to create a simpler, better bank for all of our stakeholders,” he said.

Yetton took on the job with NewCo in October 2018 to lead the demerge of the bank’s wealth business.

 “Jason has played a significant role in the divestment of Count Financial and planning for the exit of the aligned advice businesses, as well as making substantial progress on remediation activities across our wealth businesses. I thank him for his leadership of NewCo, and wish him the very best for the future,” CBA CEO Matt Comyn said.

From early February 2020, Mike Vacy-Lyle will join the Bank as the Group Executive Business and Private Banking, subject to meeting regulatory requirements.

Vacy-Lyle is currently CEO of FNB Commercial Banking, a division of the FirstRand Banking Group in South Africa.

In this role, he has led the largest commercial bank in Africa, overseeing 6,000 staff to provide full service banking to business segments, including government and agriculture, across all transactional banking, international banking, lending, investing, insurance and advisory services.

Vacy-Lyle joined FNB in 2001 and has held various roles in commercial banking including finance, pricing, product, capital management, sales and relationship management, until his appointment as CEO of FNB Commercial Banking in August 2011

“In Mike, we’ve found an outstanding people leader, with strong business banking credentials and exceptional relationship management skills,” 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.”