Executive rotation at CBA
The background of Commonwealth Bank's new head of strategy, Robert Jesudason, may stir up speculation about a planned escalation of the bank's investment in financial services in Asia.For the last four years, Jesudason has served as a managing director within the financial institutions group of Credit Suisse. He was based in Hong Kong.For most of that time he headed the financial institutions' practice in Asia Pacific. A few months ago he shifted over to look after "global emerging markets".A British citizen, Jesudason's resume is packed with experience managing acquisitions, many of them in Asia, but he has few prior Australian connections.One connection is with ANZ, having had a hand in advising the bank on its acqusition of Royal Bank of Scotland businesses in Asia two years ago.He worked for GE Capital for four years on graduation, in the mid-1990s, and then worked for four years at McKinsey & Company (where he may have crossed paths with incoming CBA CEO Ian Narev). He then worked for Barclays, as head of corporate development, before shifting to Credit Suisse.Jesudason will start as head of strategy in December.The present occupant of the job, Annabel Spring, will shift to head the bank's wealth management business.Grahame Petersen, the present head of wealth management will take over as group executive business and private banking, the job formerly held by Narev.