CBA names new Chair

The Commonwealth Bank of Australia (CBA) has announced the appointment of Catherine Livingstone to the position of chair, effective 1 January 2017.

Her appointment follows news that current chair, David Turner, will retire from the board at the end of December 2016.

Livingstone has been a non-executive director of CBA since March 2016 and is also a member of the audit committee. She was formerly chair of Telstra Corporation and is currently the president of the Business Council of Australia, a role she will retire from in November 2016.

Commenting on her appointment, David 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."

Livingstone adds that it is "an enormous honour" to be appointed as chair.

"David will be stepping down from the board with a legacy of firm and decisive leadership...I look forward to working with the board and the very strong management team to continue this focus."