Former Telstra chair Catherine Livingstone will takeover the chairmanship at Commonwealth Bank when David Turner retires.
Mr Turner, who has served as chair since 2010, announced on Wednesday he will retire at the end of 2016.
He said it had been a privilege to work on the board, supporting customers and fulfilling the bank's role in the wider economy since the global financial crisis.
"It has been exciting to be chairman of the bank in such a fast changing environment," Mr Turner said in a statement.
He said Ms Livingstone, who is currently a non-executive director at the bank, had good qualifications in technology and innovation after working as Telstra chair and chief executive of health technology firm Cochlear.
Ms Livingstone said it was an enormous honour to be appointed chair and paid tribute to Mr Turner's "firm and decisive leadership" along with his compassion and humility.
"His relentless focus on long-term investment in the bank has also been coupled with a passion for driving diversity and positive community impact," she said in a statement.
"I look forward to working with the board and the very strong management team to continue this focus."