Commonwealth Bank of Australia has announced a shake-up of its board, with three directors set to leave and experienced banker Rob Whitfield to take up a board seat.
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The changes come as the bank had battled numerous scandals including a prosecution by the money laundering regulator Austrac and the prospect of action from overseas regulators.
CBA said Launa Inman and Harrison Young would retire at the bank's annual general meeting in November.
Ms Inman has served as a director since 2011, including sitting on the audit and remuneration committee, and Mr Young has been a director of CBA for 10 years and a member of the risk, audit and nominations committee.
CBA also said Andrew Mohl would seek re-election for one more year before departing next year.
Mr Mohl has been on the board for nine years and CBA said his experience in insurance was valuable as it considered selling its insurance arm.
The first of several new appointments to fill these gaps will be former Westpac banker Rob Whitfield, who missed out on being chief executive of Westpac to current boss Brian Hartzer.
Mr Whitfield has decades of experience in banking and ran Westpac's large institutional banking arm before taking up a job as secretary of the NSW Treasury.
"Rob's broad risk management and public sector experience, as well as his extensive banking experience, will deepen the board's existing skills and expertise," CBA chairman Catherine Livingstone said.
Ms Livingstone has overseen key parts of the bank's response to the Austrac allegations, including announcing bonus cuts for senior managers and the formation of a board sub-committee to oversee the bank's legal defence.
"I would like to thank Laura and Harrison for their service, commitment and contribution to the board," Ms Livingstone said.
Mr Young said: "It has been an honour to serve as a member of the CBA board."
Ms Inman said: "It has been a privilege to be on the CBA board and I wish the shareholders, board, senior management and the staff the best for the future."
The board shake-up comes after it was announced last month that CBA's chief executive Ian Narev would be leaving the bank by the end of the financial year, with the bank undertaking a global search to fill his position.
Bank analysts maintain it is likely Ms Livingstone will replace Mr Narev with an external hire, and Mr Whitfield has been mentioned as a possible candidate to fill the role.
This story first appeared in The Age
