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

April 26, 2022 at 07:21 pm EDT

(Reuters) - Commonwealth Bank of Australia, the country's No.1 lender, said on Wednesday that Chair Catherine Livingstone would retire in August after more than five years in the role.

She would be replaced by Paul O'Malley, who joined the bank's board in 2019 and served as the chief executive and managing director of BlueScope Steel Ltd for a decade.

Livingstone oversaw the bank's operations during a tumultuous period in which a government-backed inquiry uncovered widespread misconduct in the financial services industry and the COVID-19 pandemic hammered companies across the globe.

Before taking the role at CBA, she had served as the chairperson of Australia's biggest telecom firm Telstra Corp and the top boss of hearing device maker Cochlear Ltd.

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

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

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
COCHLEAR LIMITED	320.8 AUD	+0.24%	+1.62%	13.7B
TELSTRA GROUP LIMITED	3.64 AUD	-0.82%	-0.27%	27.4B
BLUESCOPE STEEL LIMITED	22.62 AUD	-0.62%	-1.48%	6.52B

Catherine Livingstone

Catherine Brighid Livingstone is an Australian businessperson who has been the head of 8 different companies. Presently, she holds the position of Chairman at Commonwealth Bank of Australia. Ms. Livingstone is also on the board of The Australian Ballet and Saluda Medical Pty Ltd. and Fellow at Australian Academy of Technological Sciences & Engineering, Member of New South Wales Innovation Council, Member of The Royal Institution of Australia and Chancellor at the University of Technology Sydney. Ms. Livingstone previously was Chairman at Telstra Corp. Ltd., Chief Executive Officer & Managing Director at Cochlear Ltd., President of Australian Museum, President for Business Council of Australia, Chairman at Commonwealth Scientific & Industrial Research Organisation, Chief Executive-Finance at Nucleus Ltd., Chairman for Australian Business Foundation Ltd. and Director at Macquarie Graduate School of Management Pty Ltd. She received an undergraduate degree from Macquarie University.

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