The Commonwealth Bank Board announced Catherine Livingstone AO has decided to retire from the Board in August 2022 after the finalisation of the financial statements and accounts for this financial year. The Board has elected current Non-Executive Director Paul O'Malley as Ms. Livingstone's successor as Chairman and he will assume his new position on 10 August 2022. Ms. Livingstone joined the CBA Board on 1 March 2016 as an independent Non-Executive Director and became Chair on 1 January 2017.

Mr. O'Malley has substantial board, executive leadership, financial and operational experience. He is currently Chair of the CBA Board Remuneration Committee and has been a Board member since January 2019.