Sunday, February 5, 2023
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CBA publicizes new chairman


The Commonwealth Financial institution has introduced Catherine Livingstone’s retirement as chair in August and the appointment of Paul O’Malley as her successor. O’Malley, present non-executive director and chair of the CBA board remuneration committee, will begin as CBA’s new chairman on Aug. 10.

A member of the CBA board since January 2019, O’Malley has substantial board, govt management, monetary, and operational expertise. He was managing director and CEO of BlueScope Metal for 10 years till 2017. In that function, he led a serious multi-year restructuring and transformation of the enterprise that helped reshape the corporate and the home metal business.

“It’s a privilege to be appointed chair of the Commonwealth Financial institution,” O’Malley stated. “With the assist of the board, CEO, and administration workforce, I’m completely dedicated to serving to CBA construct on the sturdy progress achieved over latest years beneath Catherine’s management and persevering with to ship rewarding outcomes for all our stakeholders.”

Livingstone joined the CBA board in 2016 as an impartial non-executive director and have become chair in January 2017. Livingstone has served at a time when the financial institution has addressed plenty of complicated challenges.

Livingstone’s “tenure coincided with a time of appreciable turmoil for CBA and the monetary providers business extra broadly, and [she] has ably led the group by way of plenty of its most important challenges,” O’Malley stated. “CBA’s complete response to those points included the Remedial Motion Plan implementing suggestions by APRA to overtake the financial institution’s governance, danger administration and accountability frameworks, the implementation of suggestions from the Royal Fee, and main adjustments to the financial institution’s tradition and values together with setting new expectations of behaviour and duties. Over the identical interval, [Livingstone] oversaw a renewal of the board, and with the board, appointed Matt Comyn as chief govt officer in 2018. Beneath her management, a specific focus has been the engagement of the board and administration within the improvement and evolution of the financial institution’s technique.”

O’Malley stated he appeared ahead to serving to lead CBA by way of its subsequent strategic development part and delivering outcomes for shareholders, prospects, and communities.

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