Australia’s biggest banker is staying put – but how long is too long?

2 hours ago 2

Opinion

October 15, 2025 — 4.00pm

Commonwealth Bank chief executive Matt Comyn will be a hard act to follow, irrespective of when he decides to vacate the building.

The 49-year-old occupies the biggest job in corporate Australia, and for the moment is staying put for another three years at CBA, but rest assured his departure will create ‘Succession’ level drama at Australia’s biggest bank.

On Wednesday, CBA chairman O’Malley raised the spectre of the end to Comyn’s rule when he placed a timeline on the CEO’s succession.

By the time Matt Comyn exits CBA he will have created a record as the longest serving big four bank boss in modern history.

As CBA boss, Comyn is a person whose views on the pulse of the economy and consumer sentiment are sought after by everyone from the Reserve Bank board to the federal treasurer. For a third of Australians, Comyn’s pronouncements on the economy are of great importance, given the Commonwealth Bank is their main financial institution.

At the bank’s annual meeting on Wednesday, the bank told shareholders that Comyn will remain the chief executive until at least 2028. By then, the current chair Paul O’Malley will have himself retired and handed to his successor the task of replacing Comyn.

The very notion of Comyn’s time at the top of the bank coming to an end would be unsettling for investors, given they have watched their shares in CBA rise over 132 per cent under his stewardship.

By the time Comyn calls it quits at CBA, he will create a record as the longest serving big four bank boss in modern history at 11 years. That’s a long shift, some might say too long a shift.

The recently replaced head of ANZ Bank, Shayne Elliott, was considered an ultra-long serving chief executive when he left after a nine and a half year stint, but Comyn will surpass that easily.

Lengthy terms for chief executive are usually frowned upon, with the best governance standards putting a cap on terms at seven years and a stretch limit of ten years. The average in Australia is about 6 years.

But Comyn began his job at the top of CBA when he was in his early forties, which is highly unusual, and in theory lengthens the governance runway. He was also elevated to the job in a difficult period in the midst of the costly and controversial AUSTRAC money laundering scandal that had rocked the bank.

At the time critics claimed that as a senior executive, Comyn was part of the problem and that fresh blood was needed for culture change.

CBA chairman Paul O’Malley (left) and chief executive Matt Comyn at the AGM in Brisbane.

It was a brave punt by then-chairman Catherine Livingstone to ignore the noise and back who she considered the best applicant to replace the then-CBA chief executive Ian Narev, who was a notable casualty of the AUSTRAC scandal.

Comyn has come good on the confidence shown in him by Livingstone, and proven his detractors wrong. CBA has outdone its peers on almost every measure to a point where it stands in a near unassailable position.

It posted a record profit of $10.1 billion in the year to June 30 and, under Comyn, maximised CBA’s lead in technology, which was established well before he took over as chief executive.

By placing a line under Comyn’s tenure, CBA’s serious executives may now have to contend with their very own version of Hunger Games to establish who takes over.

There are currently three people in contention – the head of business banking Mike Vacy-Lyle, retail chief Angus Sullivan and chief financial officer Alan Docherty. So, there’s enough bench strength to negate the need for the board to look for an outsider.

But three years is a long time, and there is a possibility that not all three will be happy to cool their heels for that long. Having said that, the prospect of leading CBA – the most influential corporate gig in the country, with a hefty salary – would be especially alluring for any banker.

And what of Comyn? If he leaves CBA at 53 or so, he will be young enough to tackle another executive challenge. And the most logical career move would be to run a larger offshore bank. He has three years to get his resume ready.

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