SYDNEY, Oct. 12 (Xinhua) -- The Commonwealth Bank of Australia (CBA), has appointed serial board director Catherine Livingstone as its new chairman, replacing David Turner.
In a statement on Wednesday, CBA said Livingstone appointment will take effect on January 1, 2017.
Livingstone has been a non-executive director of CBA since March 2016. She was formerly chairman of Telstra Corporation and chief executive of Cochlear. She is currently the President of the Business Council of Australia, a role which she will hold until November.
"It is an enormous honour to be appointed chairman by the Board of the Commonwealth Bank of Australia,"Livingstone said.
Turner who has been a member of CBA's Board since 2006 has served as chairman since the beginning of 2010.
"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," 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," he said.
