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ANZ NZ says ex-CEO David Hisco's replacement should be announced by year's end, around six months after he left under a cloud

ANZ NZ says ex-CEO David Hisco's replacement should be announced by year's end, around six months after he left under a cloud

ANZ Bank New Zealand says it expects to appoint a permanent successor to David Hisco as CEO by year's end.

Hisco's departure after almost nine years was announced in June. At a press conference chairman John Key said Hisco was leaving by mutual agreement, after his expensing to the bank of chauffeur driven cars for personal use and wine storage dating back nine years came to light. This was after ANZ NZ had announced in late May that Hisco had taken extended sick leave with Antonia Watson, the bank's managing director for retail and business banking, stepping in as acting CEO. 

ANZ NZ says Watson will continue as acting CEO with Ben Kelleher continuing as acting managing director of retail and business banking. The appointment of the new CEO will be subject to Reserve Bank non-objection.

"By the end of the year is also the likely timing for when a new chief executive will be appointed to ANZ NZ. The Chief Executive appointment is subject to receipt of non-objection from the RBNZ," ANZ NZ says.

Separately ANZ NZ says it's appointing Alison Gerry to its board. Gerry is currently on the boards of Infratil, various Suncorp New Zealand subsidiaries, Wellington Airport and Sharesies. She has also been a director of Spark New Zealand, NZX, Kiwibank, TVNZ, Queenstown Airport Corporation and Pioneer Generation. Gerry joins other independent directors Key, Tony Carter, Mark Verbiest and Joan Withers, plus ANZ Banking Group CEO Shayne Elliott and chief financial officer Michelle Jablko on the ANZ NZ board.

ANZ NZ says Gerry is expected to join its board by the end of the year. Meanwhile, ANZ NZ's chief risk officer Bruce Macintyre, who has worked for the bank for 35 years, will be retiring before Christmas, with his replacement expected to be recruited before the end of the year.

Subsequent to Hisco's departure, the Financial Markets Authority (FMA) said the sale of an Auckland house to Hisco's wife should have been disclosed as a related party transaction by ANZ NZ in its 2017 financial statements. The FMA said ANZ must issue a corrective statement on its 2017 financial statements. Additionally the FMA said it's talking to the NZ Institute of Chartered Accountants about it considering whether to assess auditor KPMG's procedures "in determining the disclosures in the audited 2017 financial statements." At the time of the sale Watson was a director of Arawata Assets, the ANZ controlled company that sold the house to Hisco's wife, which potentially may harm her prospects of succeeding him permanently.

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I don't think Cruella will pass the RBNZ non objection clause.
JKs probably desiring to have Theo or Dame Jenny on board as he could work with them.
But ANZ should look no further than Sam Stubbs of Simplicity for someone to improve the image of ANZ. He obviously is prepared to go out on a limb to improve standards in the finance industry

Sam is a kind of anti-Christ to organizations like ANZ

Sam Stubbs? OMG. That is too funny.

Simon Bridges.

Better there closing up shop soon, than at National presiding over the decline, you think ?

Simon obviously has a man crush on John Key, have you seen the way Simon mimics his mannerisms? I won’t be surprised if he takes the position and grows a pony tail in hopes it prevents his sugar daddy from running away again.

Let's hope a plausible candidate is selected.

Many eyes will be on this appointment.


The ANZ does seem to have an issue with its CEO's!

huh.. that was 9 years ago? Do you have a point or just posting clickbait?

"that was 9 years ago". Exactly! And have things changed at the ANZ? Nope. In fact, they've got worse, judging by the Hiscoe fiasco.....(that's my point!)

ANZ have been extremely quiet.on the Hisco valuation. Jonkey trying to sweep this one under the carpet, just like a lot of things. Wouldn’t it be funny if Hisco has bought his St Stephens Ave home too. Maybe Jonkey is currently negotiating to buy out the contract? That would make a lot of peoples day.

Meanwhile kpmg are having to readdress their audit. Wonder how many ex kpmg staff are on ANZs board? Maybe they have an in-house valuer? Until they come clean (if that is possible) let’s dine out on all possibilities.

Big business have been hiding behind these less than independent audit firms for decades, and it’s time to regulate that they have to use separate firms for audit and separate firms for advisory. This should extend to not allowing board members being disqualified for the board if the audit is undertaken by their ex employer. Any government that regulates this gets my vote,

Fire the Auditors, claw back the fees, get the house back, hit them in the pocket, then they will reform. Otherwise the merry go cheating will continue...

Does the remuneration come with the option to purchase a house below market value?

And will the IRD be investigating what looks like a blatant tax dodge?

They should make it another 6 months.They'd save a fortune. Somehow managing to struggle on without him.