On Monday, the recently scolded Commonwealth Bank of Australia (CBA) announced the immediate resignation of its Group Executive, Financial Services and Chief Financial Officer (CFO), Mr. Rob Jesudason.
Soon thereafter, Block.one – the EOS.IO software publisher – issued a press release declaring the successful appointment of Mr. Jesudason. He will join Block.one “later this year” to take on the role of group president and chief operating officer (COO).
Additionally, Block.one’s Monday announcement revealed that “Jesudason will be a member of Block.one’s Board of Directors and be responsible for scaling the group’s global operations.”
Hong Kong, It’s Been Too Long
Per the CBA’s official statement addressed to shareholders, Jesudason’s new “external role” will be based in Hong Kong; an area he is highly familiar with.
Per his LinkedIn profile, Jesudason has worked from Hong Kong many times before. Across 2006 and 2007, he worked for J.P. Morgan; serving as Managing Director, Asian Special Situations Group. He then transferred to Credit Suisse, where he worked as a managing director; leading both the ‘Asia Pacific FIG’ and the ‘Global Emerging Markets FIG’ from October 2007 through to December 2011.
Joining CBA’s Sydney headquarters in December of 2011, Jesudason internally transferred back to Hong Kong in November of 2014 where, until last July (i.e., when he became CFO), he served as group executive for international financial services.
Executive Exodus Continues For Disgraced Bank
Whilst quick to mention that Jesudason had left “a global top-12 bank by market capitalization at AUD $125 billion” for Block.one, a glaring omission was any mention of some highly pertinent background information that almost certainly prompted the departure of the CBA board member.
Indeed, the CBA – which is not only Australia’s largest publicly-listed company (ASX:CBA), by market cap, but also the largest bank in the southern hemisphere – has recently come under intense scrutiny by way of a Royal Commission into Misconduct…