Peter Polson will be retiring from his post as the head of the Commonwealth Bank’s investment and insurance sales division at the end of next week.
Polson took up the role in mid July 2000 after surviving a major shake-up of the Colonial First State executive team, of which only two executives were appointed onto the Commonwealth’s executive team.
Prior to taking up this role with the Commonwealth, Polson was managing director of Colonial First State.
During his time with the Commonwealth, he has overseen the management of Colonial First State investments within the bank group, while also looking after its risk businesses and asset and property management divisions. He was also involved this year with the launch of the bank’s new master trust, FirstChoice.
Commonwealth chief executive David Murray yesterday announced Polson’s retirement and said that the bank’s group executive of retail banking services John Mulcahy will step up to take over from Polson after he retires.
Mulcahy has been with the bank since 1995 and has been responsible for the Commonwealth’s technology, operations and property, financial services and retail banking services divisions. Prior to his time at the Commonwealth, Mulcahy was chief executive of both Lend Lease Property Investment Services and Australian Funds Management.
Replacing Mulcahy after he takes on the new role will be current executive general manager of retail sales and services Hugh Harley, who has been with the bank since 1987.
Polson said in a statement that he believes the businesses are in good shape for the future.
“While the timing of one’s retirement is never perfect, I feel very comfortable that the businesses are very soundly positioned for the future,” he said.
