Commonwealth starts search for Murray’s successor

Commonwealth Bank’s chief executive David Murray confirmed he would leave the bank at the expiry of his contract in mid 2006. Murray might leave earlier if the process to select his successor is concluded sooner. Murray said he believes there are potential candidates inside the bank, though does not name them. Among outside candidates are St George chief executive Gail Kelly; National Australia Bank head of finance and risk management Michael Ullmer, and Suncorp chief executive John Mulcahy. Insurance Australia Group chief executive Michael Hawker, ruled himself out yesterday as a potential replacement for Murray, saying he was committed to cultural change within his insurance company. A search firm has been appointed to find a replacement for Murray but the timing of finding that replacement is not set in stone.