Commonwealth Bank of Australia (CBA) has appointed Michael Venter as the new COO of wealth management, with immediate effect.

The move comes as the bank’s group executive of wealth management Annabel Spring announced plans to depart in December 2017.

Spring, who joined CBA in 2009 as group head of strategy, will continue to spearhead the wealth management operations, the divestiture of the CommInsure division as well as the strategic review till the end of 2017.

Venter was will represent wealth management at the group executive committee after the departure of Spring.

He was CFO of international financial services at CBA till now. He previously also served as group deputy CFO and CFO of the wealth management arm.

CBA CEO Ian Narev said: “Annabel’s strategic leadership of the Wealth Management business led to the successful divestment of the property management businesses in 2014, and now to today’s announcements. We thank her for her contribution, and wish her the very best for the next successful phase in her career.”

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By GlobalData

In a separate statement, CBA unveiled plans of carrying out a strategic review of Colonial First State Global Asset Management (CFSGAM), its asset management unit, and said that it could float the unit.

“This review will consider long-term Commonwealth Bank shareholder value, including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel,” the bank said in its statement.

CBA said that CFSGAM realised significant growth, scale and diversification under its ownership. The bank would also weigh other options for CFSGAM, which manages AUD219bn ($174bn) in assets.