Matt Comyn, CBA's current group executive for retail banking services, has been appointed as CBA's new chief executive.
Mr Comyn, who begins his new role on 9 April 2018, replaces outgoing CEO Ian Narev who announced he would leave the bank by the end of the current financial year.
According to his contract, Mr Comyn's annual fixed remuneration will be $2.2 million. He will be eligible for a short-term bonus of $2.2 million and a long term bonus of $3.96 million (180 per cent of his annual fixed remuneration).
CBA chairman Catherine Livingstone said the appointment of 42-year-old Mr Comyn came after a "thorough global and local search".
"We believe he was the outstanding candidate, best placed to lead the bank at an important time in its history," Ms Livingstone said.
Mr Comyn's appointment will enable a "smooth transition to new leadership", said Ms Livingstone, "as CBA responds to the current regulatory processes and legal proceedings".
Ms Livingstone also paid tribute to Mr Narev, who she said had led CBA "during a period of great change".
Commenting on his appointment, Mr Comyn said, "I believe we can achieve the right balance in meeting the expectations of customers, shareholders and the community, with a share focus on our core purpose.
"The last six months in particular have been very challenging and I am committed to working with the board, the executive team and our wonderful people to rebuild trust in the Commonwealth Bank together."
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