Commonwealth Bank of Australia appointed Matt Comyn as CEO, effective April 9.

Comyn will replace Ian Narev, who said in August 2017 that he would retire by the end of fiscal 2017-18, according to a Jan. 29 release.

Comyn takes the helm at CBA following a series of scandals, including accusations of anti-money laundering failures by Australia's anti-money laundering regulator.

CBA Chairman Catherine Livingstone said the appointment received unanimous approval from the board on the basis that Comyn met the board's criteria "more compellingly than any other candidate." He is tasked with restoring the bank's reputation and continuing operating momentum, among others.

Comyn currently serves as head of retail banking services.