Business In A Minute

Sydney Morning Herald

Tuesday September 30, 2008

Eric Johnston

Grimshaw takes the high road

One of Commonwealth Bank's most senior executives has resigned, in a move that has thrown a cloud over the bank's succession planning and is likely to lead to a reshuffling of management ranks.

Stuart Grimshaw, who heads CBA's Premium Business Services unit, will leave the bank later this year to head up the boutique funds manager Caledonia Investments.

The departure is an unusual move for the top banking executive, who remained in the field to eventually take charge from the CBA chief executive, Ralph Norris.

Caledonia has about $3 billion in funds under management.

© 2008 Sydney Morning Herald

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