TSB CEO and managing director Kevin Murphy will retire from the bank at the end of January.
Murray Bain, currently a TSB director and ex-Reserve Bank assistant governor, will fill in as interim managing director while TSB undertakes a search for Murphy's permanent replacement.
Murphy has been TSB's boss since 2010 and at the bank for 38 years. He adds to the list of departing bank CEOs with Barbara Chapman leaving ASB, Paul Brock leaving Kiwibank and Anthony Healy leaving BNZ.
In a statement TSB chairman John Kelly says the bank's board is grateful to Murphy for both his "huge contribution" over many years, and his willingness to remain CEO to see through recent significant milestones.
"Mr Murphy has for some time signalled to the Board his intentions. However, he has put that to one side in the interests of the business, to assist with TSB Community Trust's acquisition of Fisher Funds and to complete TSB's recent rebrand. This reflects the dedication and passion for TSB and the community that he is known for," Kelly says.
Murphy says his decision to retire has been a difficult one.
"But I feel the time is right having completed a number of initiatives that lay the foundations for the bank's ongoing success," says Murphy.
Murphy, pictured below, plans to pursue directorship opportunities.