CBA Chair to step down

The Commonwealth Bank of Australia (CBA) has announced that current chair, David Turner, will retire from the board at the end of December 2016.

Turner has been a member of CBA's board since 2006, and has served as chair since the beginning of 2010.

Commenting on his decision to retire from the Board, Turner said: "I have greatly enjoyed my time on the board of the Commonwealth Bank and especially as chairman for the past seven years. It has been a privilege to work with an exceptional board and management team."

He will be succeeded by current non-executive director Catherine Livingstone.