The Commonwealth Bank has promoted head of retail banking Matt Comyn to replace Ian Narev as the company’s CEO.

The 42-year-old Head of Retail Banking will take over the top job on April 9.

There had been calls, in the wake of the Austrac money-laundering allegations, for CBA to recruit an external chief executive with a mandate for cultural change.

Mr Comyn will receive fixed remuneration of $2.2 million and be eligible for another $2.2 million in short-term incentives plus a maximum $3.96 million in long-term incentives.

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