A new chairman is taking over at Commonwealth Bank of Australia.

Commonwealth Bank of Australia, which provides services including wealth management, has appointed a new chairman to take over from David Turner, who retires from the board at the end of this year. Turner will be succeeded by non-executive director Catherine Livingstone, who has been with the bank in that role since March.

Livingstone was formerly chairman of Telstra Corporation and chief executive of Cochlear. She is also president of the Business Council of Australia but retires from that role in November, the bank said in a statement yesterday. 

Turner has been a member of CBA’s board since 2006, and has served as chairman since the beginning of 2010.  

Livingstone’s appointment as chairman of CBA will be effective from 1 January 2017. She is one of five directors up for election at CBA’s annual general meeting to be held in Perth on 9 November 2016.