Colonial First State Global Asset Management CFSGAM CEO Mark Lazberger has announced plans to depart after holding the role for a decade.

The company is currently in the lookout for Lazberger’s successor. Meanwhile, its COO Mark Steinberg will replace Lazberger on an interim basis.

“Under Mr Lazberger’s leadership, the firm has developed a strong global presence with approximately 80% of its global revenues now being derived from its international client relationships,” CFSGAM said.

In April this year, Commonwealth Bank of Australia unveiled plans to float CFSGAM, its asset management arm, after a strategic review.

At that time, CBA said that Lazberger will retain his role of CEO and will also serve as an executive director of the board.

In June 2018, Commonwealth Bank announced plans to spin off its wealth management and mortgage broking business. The demerged entity will be called CFS Group and will include CFSGAM among other units.

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The demerger is expected to be completed by next year. The move led to the termination of the previously announced plans to float CFSGAM.