Commonwealth Bank extends CEO Matt Comyn’s tenure until 2028

Commonwealth Bank of Australia (CBA) Chief Executive Matt Comyn will stay on as CEO until at least 2028, following confirmation from Chair Paul O’Malley at the bank’s annual general meeting in Brisbane on Wednesday.

O’Malley, who was re-elected for another three-year term as Chair, said the board was pleased with Comyn’s leadership and performance, noting that a search for his successor would begin only after the conclusion of O’Malley’s own term.

“We have been pleased with the performance of Matt as CEO,” O’Malley said. “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.”

Comyn, who has led the bank since 2018, is set to complete a decade in the top job by 2028. His tenure has seen CBA deliver record financial results while navigating a rapidly evolving economic and regulatory environment.

Speaking at the meeting, Comyn noted that while Australia’s growth remained below trend and cost-of-living pressures persisted, inflation had eased back into the Reserve Bank’s target range, allowing room for what he described as a “modest rate-cutting cycle”.

Under Comyn’s leadership, CBA has grown into one of the most highly valued banks globally, with a price-to-earnings ratio of 27.2 and a forward price-to-book ratio of 3.37, both well above its domestic and international peers. The bank reported record annual cash earnings of A$10.25 billion in August and a record dividend payout to shareholders.