CBA chairman to step down

In a statement, CBA said Catherine Livingstone AO will be the new chair. She has been a non-executive director of CBA since March 2016, and was previously the chairman of Telstra and chief executive of Cochlear.

Ms Livingstone is currently the president of the Business Council of Australia, a role she will retire from in November 2016 to take up the chair of CBA's board upon Mr Turner's retirement in December.

Mr Turner has been a member of CBA’s Board since 2006 and has served as Chairman since the beginning of 2010.

Commenting on his decision to retire from the CBA board, Mr Turner said, "I have greatly enjoyed my time on the Board of the Commonwealth Bank and especially as Chairman for the past seven years. It has been a privilege to work with an exceptional Board and management team.

"The strength of CBA meant that following the Global Financial Crisis it was able to continue supporting its customers, accelerate innovation and fulfil its vital role in the broader Australian economy. It has been exciting to be Chairman of the Bank in such a fast changing environment."

Mr Turner said, “Catherine’s strong business experience complemented by her interest in technology and innovation will mean she will be an excellent and well-qualified Chairman.”

Ms Livingstone said, “It is an enormous honour to be appointed Chairman by the Board of the Commonwealth Bank of Australia.

“David will be stepping down from the Board with a legacy of firm and decisive leadership, but always bringing a sense of compassion and humility to any discussion. His relentless focus on long-term investment in the Bank has also been coupled with a passion for driving diversity and positive community impact. I look forward to working with the Board and the very strong management team to continue this focus.”