The Commonwealth Bank is having a boardroom clean-out

Photo: Peter Parks/AFP/Getty Images

The board of directors of the Commonwealth Bank is being remade.

Two directors, both audit committee members overseeing risk and compliance, are standing down.

The bank today announced the retirement of Launa Inman, a director since March 2011, and Harrison Young, who has been on the board since February 2007.

Commonwealth chair Catherine Livingstone said: “I would like to thank Launa and Harrison for their service, commitment and contribution to the board.”

The bank has been hit by a series of scandal with the latest landing the CBA in Federal Court accused of massive breaches of anti-money laundering laws.

Being added to the board is Robert Whitfield, until recently the secretary of NSW Treasury and a former long-time Westpac senior executive who was at one point seen as being in the running to become CEO.

At Westpac, Whitfield developed a deep knowledge in equity and capital markets and was instrumental in developing Westpac’s risk management function and strategies.

Livingstone said: “I am delighted to welcome Rob as a Director of the Board. Rob’s broad risk management and public sector experience, as well as his extensive banking experience, will deepen the Board’s existing skills and expertise.”

Another director, Andrew Mohl, who has been on the board for nine years, will stand for re-election at this year’s annual general meeting in November, to serve one more year.

Livingstone says Mohl has extensive insurance-related experience and is providing valuable strategic insight to the board as the bank undertakes a review of its life insurance business.

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