The Commonwealth Bank (CBA) has announced Lyn Cobley will join its board of directors as an independent non-executive director beginning on 1 October.
Ms Cobley has more than 30 years of experience in financial services and was formerly CEO of Westpac Institutional Bank, chair of Westpac’s Asia Advisory Board and group treasurer of CBA.
She has also previously held senior positions at Barclays and Citibank throughout her career, and was appointed senior advisor at consulting firm Oliver Wyman earlier in 2022.
“On behalf of the board, I am delighted to announce Lyn’s appointment, and to welcome her breadth of financial services experience in her role as a non-executive director of CBA,” CBA chair Paul O’Malley said in a statement.
The bank has also confirmed that current independent non-executive director, Shirish Apte has decided not to offer himself for reelection at the bank’s upcoming AGM in October.
Mr Apte originally joined CBA’s board in June 2014 and has been a member of its board audit committee and board risk & compliance committee, and previously served as the chair of the board risk & compliance committee.
“On behalf of the board, I would like to thank Shirish for his considerable contribution to CBA during his more than eight years as a director. Shirish’s financial services experience has been invaluable to CBA, particularly in relation to the board’s decision making on strategy and operational risk,” said Mr O’Malley.
“Throughout his tenure, Shirish has displayed a strong interest in customer and strategic outcomes. Shirish also played a key role in the completion of the Remedial Action Plan and oversight of CBA’s stronger culture of accountability. On behalf of CBA, I thank him for his contribution to CBA.”
Mr Apte will retire from the board at the conclusion of CBA’s 2022 AGM which is scheduled to be held on 12 October.
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.