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Key people

Ralph Norris, Managing Director and Chief Executive Officer

Mr Norris joined the Commonwealth Bank as Managing Director and Chief Executive Officer on 23 September 2005.

He started his working career with Mobil Oil New Zealand in 1967, before joining the Auckland Savings Bank (ASB) in 1969, which subsequently became a subsidiary of the Commonwealth Bank of Australia. He was appointed Managing Director and Chief Executive Officer of ASB Bank in 1991, retiring from that position in September 2001.

He joined Air New Zealand Limited as Managing Director and Chief Executive Officer in February 2002, having served on the company’s Board of Directors for three years. Mr Norris left Air New Zealand to take up his appointment as CEO at the Commonwealth Bank.

During his tenure as Chief Executive Officer of ASB, it expanded nationally, grew its profitability six-fold and increased market share by 60 per cent whilst being consistently rated the best financial services provider in New Zealand.

Mr Norris was credited with leading a turnaround at Air New Zealand by returning the company to profitability and introducing a more customer-focussed culture, for which he was honoured with New Zealand’s Executive of the Year Award in 2004. He was previously New Zealand’s Executive of the Year in his role at ASB Bank.

Mr Norris is Chairman of the Australian Bankers’ Association (ABA) and a Director of the Business Council of Australia.

Mr Norris was made a Distinguished Companion of the New Zealand Order of Merit for services to business in 2006.  He is a Fellow of the New Zealand Institute of Management, the New Zealand Computer Society, the Australian Institute of Management and is Chair of the Commonwealth Bank Foundation.

He is former Chairman of the New Zealand Bankers’ Association and Business Roundtable.

Mr Norris was born in Auckland and educated at Lynfield College and is married with three adult children and three grandchildren.

David Craig, Chief Financial Officer

David Craig commenced as Chief Financial Officer of the Commonwealth Bank in September 2006.

He is responsible for the financial management frameworks of the Commonwealth Bank incorporating the areas of finance, audit, group treasury, security, procurement and investor relations.

David has over 30 years of experience in financial management, strategy, mergers and acquisitions. Prior to joining the Commonwealth Bank, David was the Chief Financial Officer for Australand where he was responsible for leading the finance, treasury, IT and investor relations functions.

Prior to joining Australand, David was Global Transition Finance Leader for IBM Business Consulting Service following the acquisition of PwC Consulting, where he held the title of Global Chief Financial Officer, based in Philadelphia, US.

David’s other posts have included Chief Operations Officer for PricewaterhouseCoopers Australasia and Senior Audit Partner for 15 years, specialising in banking, finance and management. He was a director of Australian Gas Light Company.

David is currently a director of the Victor Chang Cardiac Research Institute.

David’s professional qualifications include a Bachelor of Economics and a Fellow of The Institute of Chartered Accountants in Australia. He is a Member of the Australian Institute of Company Directors and a Member of the Finance and Treasury Association.

David is married with two children.

Alden Toevs, Group Chief Risk Officer

Alden joined the Group on 23 June 2008 as Group Chief Risk Officer. Alden provides leadership in ensuring effective risk management and risk governance across the Group and also acts as an advisor to the Bank’s Board and Executive Management on risk management.

Prior to commencing with the Group, Alden led First Manhattan Consulting Group’s risk management, MIS and mortgage banking practice areas for 15 years, and was lead consulting partner between 2000 and 2008. Over his eighteen years of consulting with First Manhattan, Alden has advised more than 100 banks globally on risk, strategy, mergers and performance measurement. 

His former roles include Head of Mortgage Research at Morgan Stanley and in academia as Professor of Economics at University of Oregon in the United States. Alden has a Ph.D. with honors from Tulane University.