A member of the CBA board since January 2019, O’Malley has substantial board, executive leadership, financial, and operational experience. He was managing director and CEO of BlueScope Steel for 10 years until 2017. In that role, he led a major multi-year restructuring and transformation of the business that helped reshape the company and the domestic steel industry.
“It is a privilege to be appointed chair of the Commonwealth Bank,” O’Malley said. “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.”
Livingstone joined the CBA board in 2016 as an independent non-executive director and became chair in January 2017. Livingstone has served at a time when the bank has addressed a number of complex challenges.
Livingstone’s “tenure coincided with a time of considerable turmoil for CBA and the financial services industry more broadly, and [she] has ably led the group through a number of its most significant challenges,” O’Malley said. “CBA’s comprehensive response to these issues included the Remedial Action Plan implementing recommendations by APRA to overhaul the bank’s governance, risk management and accountability frameworks, the implementation of recommendations from the Royal Commission, and major changes to the bank’s culture and values including setting new expectations of behaviour and responsibilities. Over the same period, [Livingstone] oversaw a renewal of the board, and with the board, appointed Matt Comyn as chief executive officer in 2018. Under her leadership, a particular focus has been the engagement of the board and management in the development and evolution of the bank’s strategy.”
O’Malley said he looked forward to helping lead CBA through its next strategic growth phase and delivering outcomes for shareholders, customers, and communities.
