(Reuters) – The Commonwealth Bank of Australia (OTC), Australia’s largest lender, announced Wednesday that chair Catherine Livingstone will be retiring in August following more than five decades in her role.

Paul O’Malley would replace her. O’Malley joined the bank’s Board in 2019, and was the chief executive officer and managing director at BlueScope Steel Ltd (OTC:) Ltd. for a decade.

Livingstone was responsible for the operation of the bank during turbulent times. A government-backed investigation revealed widespread misconduct in financial services and the COVID-19 pandemic that ravaged companies around the world.

She was previously the chairman of Telstra Corp (OTC) Corp in Australia, as well as the chief executive of Cochlear Ltd.

O’Malley, who will be taking over the chair on August 10, is a central bank global official planning to increase interest rates to manage unruly inflation.