Catherine Livingstone AO to retire as CBA Chairman
The Commonwealth Bank Board today announced Catherine Livingstone AO has decided to retire from the Board in August 2022 after the finalisation of the financial statements and accounts for this financial year.
The Board has elected current Non-Executive Director Paul O’Malley as Ms Livingstone’s successor as Chairman and he will assume his new position on 10 August 2022.
Catherine Livingstone AO was appointed to the Board of Commonwealth Bank on 1 March 2016 and became the Chair on 1 January 2017. She is Chair of the Board’s Nominations Committee and a member of the Audit, Risk & Compliance and People & Remuneration Committees.
Ms Livingstone’s extensive business, finance and executive leadership experience spans more than 45 years and she has contributed to the development of Australia’s banking, telecommunications, science and medical devices sectors, as well as the development of innovation policy.
During her career, Ms Livingstone has held a number of senior roles, including as chairman of Telstra Corporation Ltd and of the CSIRO, and as Managing Director and CEO of Cochlear Ltd. Catherine has also served on the boards of Worley Parsons Ltd, Macquarie Group Ltd, Goodman Fielder Ltd and Rural Press Ltd and is a former president of the Business Council of Australia and the Australian Museum.
Ms Livingstone is Chancellor of the University of Technology Sydney. She is also a member of the Steering Committee for the CSIRO Australia Telescope National Facility, and is a director of Saluda Medical Pty Ltd, The Australian Ballet and the Bundanon Trust Board.
Mr O’Malley has substantial board, executive leadership, financial and operational experience. He is currently Chair of the CBA Board Remuneration Committee and has been a Board member since January 2019.
He served as Managing Director and Chief Executive Officer of BlueScope Steel Ltd for 10 years until 2017, during which time he managed the company through the global financial crisis. Working alongside governments, the community, unions and employees he led a major multi-year restructuring and transformation of the business that helped reshape the company and the domestic steel industry.
Mr O’Malley said:
“It is a privilege to be appointed Chair of the Commonwealth Bank. With the support of the Board, CEO and management team I am absolutely committed to helping CBA build on the strong progress achieved over recent years under Catherine’s leadership and continuing to deliver rewarding outcomes for all our stakeholders.