Rabobank NZ says CEO Daryl Johnson is leaving with search underway for his replacement

Yet another New Zealand bank CEO is exiting.

This time it's Rabobank NZ CEO Daryl Johnson. 

In a brief statement from chairman Henry van der Heyden Rabobank says Johnson, who has only been in the job since July last year, has resigned. The statement doesn't say why. However, a Rabobank spokeswoman told interest.co.nz Johnson, an Australian, is returning to Australia for family reasons.

His resignation takes effect on December 22. The specialist rural lender says it has started a process to appoint a new CEO.

Johnson was previously the Asia CEO at BNZ's parent National Australia Bank (NAB).

Rabobank joins ASB, Kiwibank and TSB in the search for a new CEO, with BNZ also recently announcing NAB's Angela Mentis will succeed Anthony Healy from January.

Ironically it also emerged this week that one of Johnson's predecessors at Rabobank, Ben Russell, is also moving on. Heartland Bank's head of rural banking for the past two years, Russell has taken a role as deputy CEO at animal health business Argenta Ltd. 

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9 Comments

Demographics is going to suppress incomes, as I wrote elsewhere, but so is....job replacement. Look at what many of the current crop of incumbents are getting, and compare it to what their replacements get/are on. It's often...less...and becoming more so. So not only are people retiring and losing an income but those that step into their shoes, are being paid less. A double whammy for incomes at the top, and if there is one certainty to the Trickle Down Theory....as wages drop at the top, so will they at the bottom!

Does anyone else find the number of bank CEOs leaving to be concerning. Do they see a downturn coming? Maybe I should take off my tinfoil hat, but it's seems like more than just a coincidence.

Did you find it concerning that there was zero churn in these positions for years and years? This is just an unusual conicidence I think, (but taking off your tinfoil hat is always a good thing).

Here's hoping you're right!

Put your tin hat back on. The whole system is broken, they know it and are getting out while they can.

Tin Hat? Have you noticed all the harassment accusations being bandied about at the moment?
I know of at least one CEO of a financial institution (not in NZ) who's just unexpected quit for 'family reasons', that had similar accusations levelled against him at his past employer(s). Now that doesn't mean that leopards never change their spots, but look at who you have to be to get to The Top of many organisations; and non-aggressive, non-harasser aren't the traits.
So there's another 'conspiracy' theory for you!

Hmm, the list of organisations with CEO's who are leaving or left - Co-operative Bank, ASB, Kiwibank, BNZ and the biggest one of them all, former CEO of NZ aka Prime minister Mr K.

These people can clearly see the crash coming. They have much more resources to be able to forecast than the average person. Can you just imagine the stress and accusations that will come against them when the whole system collapses. So i guess, run while you can. You would have to be a real sucker to fill those Job Vacancies.