Australia’s CBA Chair Livingstone to retire, O’Malley named replacement

(Reuters) – Commonwealth Financial institution of Australia, the nation’s No.1 lender, stated on Wednesday that Chair Catherine Livingstone would retire in August after greater than 5 years within the function.

She would get replaced by Paul O’Malley, who joined the financial institution’s board in 2019 and served because the chief government and managing director of BlueScope Metal Ltd for a decade.

Livingstone oversaw the financial institution’s operations throughout a tumultuous interval during which a government-backed inquiry uncovered widespread misconduct within the monetary providers business and the COVID-19 pandemic hammered firms throughout the globe.

Earlier than taking the function at CBA, she had served because the chairperson of Australia’s largest telecom agency Telstra Corp and the highest boss of listening to machine maker Cochlear Ltd.

O’Malley will take over as chairman on August 10, at a time when central banks globally are planning on elevating rates of interest to tame unruly inflation.

(Reporting by Sameer Manekar in Bengaluru; Enhancing by Aditya Soni)