"Matt's appointment will enable a smooth transition to new leadership, as CBA responds to the current regulatory processes and legal proceedings, accelerating the related changes and improvements already underway," CBA chairman Catherine Livingstone said in a statement. Mr Comyn replaces outgoing chief executive Ian Narev, who has led the country's largest bank since December 2011, in a period marked as much by record profits as allegations of serious misconduct. CBA said Mr Comyn would receive a fixed annual remuneration of A$2.2 million (S$2.34 million). Australia's "Big Four" are among the world's most valuable and profitable banks. They have underpinned a multi-decade housing and economic boom, racking up strong earnings thanks in part to regulations that have helped shield them from non-bank lenders and overseas rivals.