If you own Commonwealth Bank of Australia (ASX: CBA) shares you'll want to know about a key change of leadership coming to the bank's Board.
Here's what to expect.
Who is taking over as Board chair?
In an announcement released this morning, CBA reported that Catherine Livingstone will retire from her role as Board chair in August, following the completion of the 2022 financial year statements and accounts.
Livingstone has been chair of the CBA Board since 1 January 2017.
Non-executive director Paul O'Malley will succeed Livingstone as chair, taking up the position on 10 August. O'Malley is currently chair of the CBA Board Remuneration Committee.
Commenting on her tenure, Livingstone said:
I have been honoured to serve as CBA's chair through a time when the bank has addressed a number of complex challenges and in doing so, rebuilt its reputation as an organisation that seeks to deliver positive outcomes for its customers, people and shareholders.
During the coronavirus pandemic, CBA has demonstrated unequivocally that a strong, stable, well capitalised banking sector is vital to Australia's economic and social wellbeing.
She said that now was an "appropriate time to hand over to the next chair to lead [CBA's] ambitious agenda and guide the bank through its next phase".
O'Malley added:
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…
The bank is playing a leading part in supporting Australia's economic growth agenda and its transition to both a sustainable and a digital economy… I am looking forward to helping lead this vibrant and important organisation through its next strategic growth phase and delivering outcomes for shareholders, customers and communities.
How have CBA shares been tracking?
CBA has come under pressure alongside the wider market in recent days.
At time of writing, CBA shares are down 1% to $103.79 per share.
Taking a step back, the CBA share price remains up 16% over the past 12 months, well outpacing the 3% gains posted by the S&P/ASX 200 Index (ASX: XJO) during that same period.
