Commonwealth Bank of Australia (ASX: CBA) shares are rising on Wednesday.
At the time of writing, the banking giant's shares are up 0.3% to $104.04.
This compares favourably to the performance of the ASX 200 index, which is trading a fraction lower today.
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Why are CBA shares outperforming?
It's unclear why CBA shares are outperforming today. Though, there was a small piece of news out of the bank.
That news is that CBA is eliminating the deputy CEO role after a job well done by David Cohen.
According to the release, Cohen will finish his role as deputy CEO on 31 December after successfully achieving his objectives.
CBA highlights that he was appointed to the role in November 2018 to support the bank's efforts to simplify its portfolio and increase focus on customer remediation and complaints.
With the recent announcement of the intended sale of CBA's Indonesian subsidiary, PT Bank Commonwealth, and substantial progress on legacy customer remediation programs, his work is now done and the role is no longer required.
However, Cohen will continue to serve as CBA's representative on the Board of PT Bank Commonwealth during its sale transition. He will also remain a director of ASB, the company's New Zealand banking and funds management businesses.
Some investors may see this exit as a sign that the bank is now completely over its issues and doesn't expect anything similar to occur for the foreseeable future.
Commenting on the news, CBA CEO Matt Comyn said:
David has been instrumental in helping CBA become the simpler, better bank that our customers deserve. Thanks to his deep experience, sound judgement and strong values, he has helped guide the bank through some of our most challenging periods.
David has been a valued member of the Executive Leadership Team and a respected role model and mentor to countless team members across the bank. He has provided me with invaluable support, and on behalf of the Board, Executive Leadership Team and all the people of the Commonwealth Bank, I thank him for his distinguished service and wish him well for the future.
CBA shares are down approximately 3% over the last 12 months.
