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Commonwealth Bank CEO David Murray hands over to Ralph Norris

22 September 2005

After 13 years as the CEO of the Commonwealth Bank, Mr David Murray today handed over the role to his successor, Mr Ralph Norris.

David, who joined the Bank in 1966 and progressed through the ranks to the role of CEO in 1992, took the opportunity to once again thank the many staff who have worked with him to bring the Bank through privatisation and two of the largest financial services mergers in Australian corporate history.

“I am particularly proud that we have built the Commonwealth Bank into the dynamic force that it is today, providing millions of Australians with affordable, accessible and convenient financial services and developing a network throughout Asia.  I am also delighted that for the millions of investors in the Bank, either direct or indirect, we have seen dividends grow every year since privatisation,” he said.

“Once again, I congratulate Ralph on his appointment. I am pleased to be passing the baton to a highly capable banker and experienced CEO who will continue the Bank’s focus on our customers, people and shareholders,” he added.

Ralph Norris reiterated his excitement and honour at being appointed to lead the Commonwealth Bank.  “Having worked with David and the Bank’s Board previously, I am fully aware of the icon status that the Bank holds in the eyes of Australians and look forward to working with all of our staff to build the Bank’s future,” he said.
  
The Chairman of the Commonwealth Bank, Dr John Schubert, said that the Board thanked David for his tremendous contribution to the Bank and wished him every success for his future.   “David has left a wonderful legacy from his time at the Bank.  He has also made a significant contribution to wider community life, including from his time spent in contributing to educational issues and the development of the Commonwealth Bank Foundation that aims to assist young Australians gain important financial literacy skills ,” he said.

Dr Schubert added that the Board was looking forward to working with Ralph on the development of the post-Which new Bank strategy, to ensure  the Bank maintains its  focus on customer service and culture change through the engagement of its people.

ENDS

Media contacts:
Bryan Fitzgerald    
(02) 9378 2663, 0414 789 649  

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