The bank's current group executive for international financial services, Rob Jesudason, will assume the role from 1 July 2017.
Mr Jesudason commenced with Commonwealth Bank (CBA) in 2011, serving as the bank's head of strategy before taking on a new role leading the international financial services division in 2014.
CBA chief executive officer Ian Narev said Mr Jesudason was an excellent fit for the role and the bank was "pleased" with his appointment.
"Rob has more than 20 years’ experience in financial services. He has worked in and alongside financial institutions across the world, and has an acute sense of the rapidly moving economic, regulatory and competitive landscape," he said.
"He has made a strong contribution over more than five years at CBA, and I look forward to working alongside him in this role."
Mr Narev thanked Mr Craig for his service to the bank, saying Mr Craig had been a "linchpin" of CBA's executive leadership team.
"Due to his strategic breadth, technical skills and values, he is held in the highest esteem inside and outside CBA. He has made a lasting contribution to CBA, particularly through his leadership of the finance and treasury functions during the global financial crisis and subsequent regulatory change, and his ongoing stewardship of CBA’s long-term investments in technology and productivity," he said.
"We will miss him greatly, and wish him the very best as he moves into a non-executive career.”
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