Incoming Commonwealth Bank chairman Paul O’Malley has warned that responding to digital banking threats will be a top priority as he prepares to take the reins from Catherine Livingstone, who said on Wednesday she will retire in August after an intense six years on the board.

CBA weathered multiple storms during Ms Livingstone’s chairmanship, including a money-laundering scandal, a prudential inquiry into governance failings, the banking royal commission – which was partly triggered by CBA’s failings to deliver financial advice – and then the global pandemic.