Australia’s CBA Chair Livingstone to retire, O’Malley named replacement

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She would be replaced by Paul O’Malley, who joined the bank’s board in 2019 and served as the chief executive and managing director of BlueScope Steel (OTC:BLSFY) Ltd for a decade.

Livingstone oversaw the bank’s operations during a tumultuous period in which a government-backed inquiry uncovered widespread misconduct in the financial services industry and the COVID-19 pandemic hammered companies across the globe.

Before taking the role at CBA, she had served as the chairperson of Australia’s biggest telecom firm Telstra (OTC:TLSYY) Corp and the top boss of hearing device maker Cochlear Ltd.

O’Malley will take over as chairman on August 10, at a time when central banks globally are planning on raising interest rates to tame unruly inflation.