Second chairman starting in 2010
(7 August 2009 – Australia) A second Big Four chairman has made the decision to retire, with CBA chairman John Schubert following ANZ’s chairman in moving on in February 2010.
While ANZ’s long time chairman, Charles Goode, made the decision to retire back in November last year, a change of his replacement has pushed his retirement date back to February of next year.
That month will be the same one that CBA’s new chairman, current group non-executive director, David Turner, will begin.
While Australia’s Big Four have performed well during the financial crisis, they have not been without their share of turnover in key roles. Schubert’s retirement, however, comes as part of a preferred five year policy for the chairman role at CBA.
Schubert said that the selection of David Turner as the bank’s new chairman was carefully undertaken by the board over a period of several years and that his resignation accords with the board’s corporate governance guidelines which nominate five years as the preferred term for the chairman.
The outgoing chairman has been a member of CBA’s board since 1991, serving as Deputy Chairman from 2000 until 2004, and Chairman from November 2004.
Income chairman, David Turner, has been an independent non-executive Director of the Group since August 2006. He was Chief Executive Officer of Brambles Limited until his retirement in June 2007.
Turner, who currently resides in the United Kingdom, will be returning to Sydney from early in the New Year and will retire from his current role of Chairman of Cobham plc in May 2010.
That month will be the same one that CBA’s new chairman, current group non-executive director, David Turner, will begin.
While Australia’s Big Four have performed well during the financial crisis, they have not been without their share of turnover in key roles. Schubert’s retirement, however, comes as part of a preferred five year policy for the chairman role at CBA.
Schubert said that the selection of David Turner as the bank’s new chairman was carefully undertaken by the board over a period of several years and that his resignation accords with the board’s corporate governance guidelines which nominate five years as the preferred term for the chairman.
The outgoing chairman has been a member of CBA’s board since 1991, serving as Deputy Chairman from 2000 until 2004, and Chairman from November 2004.
Income chairman, David Turner, has been an independent non-executive Director of the Group since August 2006. He was Chief Executive Officer of Brambles Limited until his retirement in June 2007.
Turner, who currently resides in the United Kingdom, will be returning to Sydney from early in the New Year and will retire from his current role of Chairman of Cobham plc in May 2010.
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