Turner designated chair of CBA board

Commonwealth Bank has one of the better credentialed boards in the banking sector, managing to even feature an actual former banker among the non-executive directors, as well as two former investment bankers, one former financial services CEO and an accountant, leaving the industrial company chiefs in the minority.

Still, one of the latter is the board's pick as its new chair.

The designated next chair of the board of directors of CBA is David Turner. He will take over in February 2010 from John Schubert, who is retiring.

Turner is the former chief financial officer and chief executive officer of Brambles, a moderately successful monopolist in shipping pallets in Australia; a firm, however, whose efforts to replicate the position failed to adequately prepare for an onslaught of competition (from rival solutions as well as rival firms) in international markets.