Mr Thorburn said Mr Münchenberg “has now advised me that he would like to move on to the next opportunity in his career”.
“On behalf of the membership and Council of the ABA, I would like to thank Steven for his tremendous commitment to the industry and his leadership of the association,” Mr Thorburn said.
“Steven helped the banking industry navigate through a rapidly changing political and regulatory environment in the wake of the global financial crisis and more recently as the industry has strived to better explain the role banks play for customers, the community and the Australian economy.”
Mr Münchenberg has agreed to continue as chief executive of the ABA during the search for his replacement.
“When I became ABA chairman at the end of last year, Steven flagged with me that he felt seven years was the right tenure for this role. We are grateful that he will stay on while we find a suitable replacement to take the association forward," Mr Thorburn said.
Mr Münchenberg said: “I have enjoyed strong backing from five ABA chairmen, their deputy chairmen, the Council and the banks. I have also been very well-served by a small, dedicated and highly professional team at the ABA.”