Posted: 29 August 2019
In August, Doug Carmichael retired as CEO after more than nine years at the helm of our fund. We’ve been fortunate to have Doug guiding our fund through various industry evolutions, regulatory reforms and investment market environments, always maintaining his genuine belief in the value of super and working to enhance the financial wellbeing of our members. Doug shares some of his reflections on his time as CEO below.
We are now delighted to welcome Scott Durbin as our new CEO from early August. Although new to this role, Scott has a long association with our fund, serving in director and non-director committee member roles with the Board since December 2012.
Scott has over 20 years of professional experience and a proven record in developing and executing market leading strategies at corporate, product and sales levels. Prior to his appointment as CEO, Scott held senior roles in strategy, marketing, distribution, product and sales within the Commonwealth Bank Group. He’s also previously worked for Macquarie Bank, Deutsche Asset Management and Newton Asset Management in Australia and the UK and has over 20 years of experience in superannuation and funds management.
We sincerely thank Doug for his service and wish him all the best for his retirement, and we welcome Scott’s appointment and what he’ll bring to our fund and our members for the future.
From member interactions and fund enhancements, to awards and legislative impacts, I’ve seen a lot in my near-decade as CEO. But what has remained unchanging is our fund’s strong commitment to members.
When I started as CEO in 2010, the Trustee Services management team was much smaller – that the team has since doubled in size is testament to how our fund has grown over the last nine years, and how we’ve met increasing demands of the industry. Significantly, our fund is now more than 74,000 members strong and we look after $12 billion of members’ retirement savings. With over half of our members no longer working with the Commonwealth Bank Group, we’re pleased they have chosen to stay with us and in many cases, have their new employer contribute to our fund.
In my time here, there have been a number of changes that reflect our fund’s evolution and keeping up with the changing member landscape. We welcomed our Bankwest colleagues to the fund in 2013, and rebranded from the Officers’ Superannuation Fund to Commonwealth Bank Group Super, reflecting a more modern fund while valuing our strong ties to the Commonwealth Bank. We championed the Five-Minute Workout, encouraging members to think about their super now, even for just five minutes, to help their outcomes later on. In today’s somewhat uncertain regulatory and economic environment, it’s our fund’s ability to change with the times that honours our 103-year history of putting our members first, and one I know will continue to be built upon.
On a personal note, while I may be stepping away from a full-time career, I look forward to continuing to contribute to the industry in some way. I would like to sincerely thank the Trustee Services team and our Board of Directors – working with them has been a highlight of my career and I wish them, and our fund, the very best.
Most importantly, I would like to thank you. It’s been an honour and a privilege to guide our fund forward in its firm commitment to members like you.
If I may leave you with one final thought, it’s this: super may not be something you need to think about all the time, but if you do once in a while, it can make a real difference to your life.