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Commonwealth Bank announcement

4 August 2006

The CEO of the Commonwealth Bank, Mr Ralph Norris, today announced the retirement of Mr Les Cupper, Group Executive, People Services. Mr Cupper, who has been in the role for more than 10 years, is to retire at the end of October.

Mr Norris thanked Mr Cupper for his significant contribution to the Bank and, in particular, since Mr Norris took up as CEO in September 2005. Mr Norris said that he was grateful that Mr Cupper had agreed to defer his retirement plans to support him as he settled in to his new role.

Mr Cupper’s leadership of the Bank’s human resources function has covered the first ten years of the Bank’s full privatisation, a period of great change, both for the Bank and its people. He has led major changes in the Bank’s human resources policies, including the implementation of staff equity ownership schemes, the shift towards the performance pay model, the introduction of individual contracts and the design and implementation of the Bank’s leadership approach.

"The Bank has been very fortunate in having the services of an executive with the experience, commitment and skills that Les has. His contribution has spanned many major initiatives and programs and he has continued to look for ways to introduce improvements. Just recently, for example, he provided outstanding leadership in the development of the Bank’s property plans to house its Sydney workforce, as well as guiding the introduction of a comprehensive wellbeing program for the Bank’s staff," Mr Norris said.

Mr Norris said that Mr Cupper will continue as Chairman and Trustee of the Bank’s Staff Superannuation Funds, a Board member of ASB (the Bank’s New Zealand subsidiary) and will also provide consulting advice to the Bank.

The Bank expects to make a decision on Mr Cupper’s successor before he leaves in three months time.

ENDS

Media contacts:

Bryan Fitzgerald
General Manager, Media
(02) 9378 2663

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