Long serving Independent Director to retire from CBA Board

The Commonwealth Bank of Australia (CBA) has announced the retirement of independent director Harrison Young, who will step down at the conclusion of its AGM on 16 November 2017.

Young has been a director at CBA since February 2007, and is also a member of the bank's risk committee, audit committee and nominations committee.

Previously, he was the chair of NBN, from March 2010 until March 2013; a director and member of the financial stability committee of the Bank of England; the chair of Morgan Stanley Australia; and the vice chair of Morgan Stanley Asia.

Young also spent two years in Beijing as CEO of China International Capital Corporation and, from 1991 until 1994, was a senior officer of the Federal Deposit Insurance Corporation in Washington.

CBA has also announced the retirement of fellow independent board director Launa Inman, who will also leave at the conclusion of the AGM.

Commenting on their departures, CBA chair, Catherine Livingstone, said: "I would like to thank Launa and Harrison for their service, commitment and contribution to the Board."

Young added: "It has been an honour to serve as a member of the CBA Board."

CBA has also announced the appointment of independent director, Robert Whitfield, effective September 2017.