Harrison Young has been appointed as the new chairman of the national Broadband Network Company. Senator Stephen Conroy announced his appointment today. Young is currently serving as a director of Commonwealth Bank of Australia Ltd.

Young will replace NBN Co chief executive officer, Mike Quigley, as the chairperson.

However, the government said that Mr. Quigley will stay on the board as chief executive and director.

"I am very pleased to welcome the appointment of Mr. Young as NBN Co Chairperson and am confident he will make a great contribution," said Stephen Conroy, Australia's communications minister.

Harrison Young, a former chairman of Morgan Stanley Australia, also serves on the court of directors of the Bank of England and is chairman of the local operating arm of Better Place (Australia) Pty Ltd, a global electric vehicle services provider. Reportedly, Mr. Young will receive $A180000 per year as compensation for the role of chairman of the board of NBN.

Mr. Young said that initially there was a concern over his lack of experience in the field of telecommunications.