ANZ National CEO Graham Hodges has been promoted up the ANZ hierarchy and has been replaced as CEO by deputy CEO Jenny Fagg. Hodges will become deputy chief executive officer for the ANZ Group based in Melbourne. Hodges had been New Zealand CEO and Managing Director of ANZ National since late 2005. He was formerly Group Managing Director Corporate and has had a long career in corporate banking with ANZ as well as having previously been the Bank's Chief Economist, ANZ National said in a press release. Hodges will replace ANZ Deputy CEO Bob Edgar, who is retiring after spending 25 years with the bank. "Jenny Fagg is familiar with the New Zealand business and is recognised as one of ANZ Group's most talented executives with a strong background in retail banking in Australia and New Zealand and in risk management," ANZ National Chairman Dryden Spring said. "I want to thank Graham Hodges for the very significant contribution he has made to ANZ National since his appointment in 2005. His strong background as a banker, and economist, has been invaluable to the business. He leaves ANZ National in a profitable and well-capitalised position with a strong balance sheet, and well placed to navigate through today's difficult economic environment," Spring said. The changes will take place at the beginning of May.