CEO Bruce McLachlan leaving The Co-operative Bank for as yet unspecified 'leadership position with another New Zealand business'

CEO Bruce McLachlan leaving The Co-operative Bank for as yet unspecified 'leadership position with another New Zealand business'

The Co-operative Bank says its chief executive Bruce McLachlan has resigned to take up a leadership role with another New Zealand business.

The bank says McLachlan, its CEO of four years, will remain in his current role until a date yet to be agreed in early 2017.

"Chief executive Bruce McLachlan has resigned to take up a leadership position with another New Zealand business, the details of which will be announced in the New Year. Mr McLachlan will remain as CEO of The Co-operative Bank until a date yet to be agreed in early 2017. The Board of The Co-operative Bank will make a further announcement regarding the succession plan in due course," the Co-operative Bank says.

The statement quotes chairman Steven Fyfe saying McLachlan has provided "exceptional leadership" since his appointment in 2012 shortly after the former PSIS gained its banking licence.

 “Bruce has led the Bank with distinction, flair and skill, and elevated both the market and financial position of the Bank. Everyone at the Bank wishes Bruce every success with his new appointment," says Fyfe.

McLachlan previously worked for 10 years at Westpac NZ, where his roles included leading both its business banking unit, and retail banking customer facing businesses. He was also Westpac NZ's acting CEO for nine months during 2008/09. McLachlan's also had stints at both BNZ and its parent National Australia Bank in Melbourne. 

McLachlan himself declined to comment on his plans.

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