Sovereign to get new MD

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UPDATED:

Thursday, May 21st 2009, 9:12AM

Sovereign managing director Simon Blair is leaving the company and returning to Australia.

Commonwealth Bank chief executive Ralph Norris says Blair has been made the Group Executive, International Financial Services.

Blair has been with Sovereign for the past two and a half years.  Prior to his role at Sovereign, he had a long career as chief executive and chief operating officer of large health care organisations, including international experience through his role as Lead Health Specialist for The World Bank. 

 "I am pleased to have Simon move back to Australia and join the Group's Senior leadership team.  He is a high calibre executive who has a strong background in management and organisational roles," Norris says..  

Blair will join the CBA Group Executive Committee.

Sovereign's chief financial officer Jon Raby has been appointed interim managing director while the company searches for a full-time replacement.

Raby is an accountant by training. He worked in South Africa and the UK before coming to New Zealand in 1989. Since then Raby has held a range of strategic and senior finance roles, including chief financial officer Countrywide Bank and general manager finance ASB. He transferred to Sovereign in 2004 becoming CFO.  Raby was acting managing director during Sovereign's last change of leadership in 2006.

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