If he did not realise it already, Commonwealth Bank of Australia (CBA) boss Matt Comyn now knows he does not have to dust off his job resume until at least 2028.
CBA Chair Paul O’Malley on Wednesday assured Comyn his job at the helm of Australia’s largest company is safe for another three years.
O’Malley told shareholders at the annual general meeting (AGM) on Wednesday that he would stand for re-election for his final three-year term, with the support of the Board.
“One of the Board’s key roles is appointing the CEO and ensuring appropriate succession plans. We have been pleased with the performance of Matt as CEO,” he said in his address to the AGM.
“As I mentioned, I will stand for re-election today for my final three-year term.
“Our intention and expectation is that the decision as to the appointment of the next CEO will be made by the Board led by my successor as Chair.”
As Comyn was appointed CEO in 2018, the announcement means he will have been in the role for 10 years when the Board next considers his future.
He told the meeting that economic growth in Australia remained below trend but was recovering, inflation was back within the target band, and a modest interest rate cutting cycle was underway.
“While we recognise many are still finding current conditions challenging, there is some positive momentum,” Comyn said in his address.
Comyn was paid $7.0 million in the 2025 financial year, down from $8.9 million a year earlier.
CBA is capitalised at $278 billion.
