While tempting to conclude it will be business as usual at Commonwealth Bank following the change of CEO later this year, the selection of a comparatively inexperienced executive, in banking at least, points to an effort by the board to refresh the group's strategy.The board may also be aiming to sharpen up the bank's operational performance, especially on the cost side, as well as to refresh the group's options to expand its footprint both in Australia and offshore.On Friday, CBA announced its board had picked Ian Narev, 44, as CEO-designate. Ralph Norris will retire at the end of November, after just over six years at the helm.Narev joined CBA in May 2007 from the Auckland officer of McKinsey, to become head of group strategy. In January 2009, he shifted over to head up the business and private banking group.The bank said Narev will earn base pay of A$2.5 million a year, including superannuation, and will be eligible for long-term bonuses, payable in shares, of $2.5 million a year.The global financial crisis three years ago gifted Commonwealth Bank better opportunities than any of its notional peers to exploit the stampede of customers towards big banks.This saw CBA lift its market share of home loans to 28 per cent, from 22 per cent, while making more modest gains in its share of deposits and business footings.The bank acquired Bankwest on the cheap at the height of the crisis and also got its foot on one third of Aussie Home Loans.The CBA has had to hold its fire on the acquisition front since then, though it reportedly investigated the merits of a bid for Insurance Australia Group. Persistent rumours also continue linking CBA with bids for other mortgage broking groups.Investment in Asia has also been mainly of an incremental nature since the fashionable acquisition of minority stakes in two banks in China five years ago.On the cost side, CBA has largely avoided the option of shifting more routine work to lower-cost centres offshore. Some years ago Norris gave a commitment to avoid offshoring work but this policy is bound to be revisited by Narev.