ANZ’s chief financial officer Shayne Elliott has been named as the replacement for CEO Mike Smith when he retires at the end of this year.
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Chairman David Gonski praised Smith for his efforts in steering the company – which has a market capitalisation of Aus$78.1 billion – through the global financial crisis and for transforming “ANZ into one of Asia-Pacific’s leading banks”.
Kiwi Shayne Elliott has been appointed as the head of ANZ group across the Tasman.
“The greater Asia region – and India eventually – is obviously going to be the centre of the global economy and ANZ is well placed”, Mr Ellis told AAP. Holidaymakers in Asia will likely have come across ANZ’s ATMs or branches which are now common features across a large amount of major Asian cities and towns.
Mr Elliott, a New Zealander, has more than 30 years experience in Australia, New Zealand, Asia Pacific and the Middle East. “Today’s announcement is a result of a detailed review of external and internal candidates”, Mr Gonski said.
An Auckland University graduate with a degree in commerce, management studies and finance, Mr Elliott spent 20 years with Citigroup before joining investment bank EFG Hermes, where he spent three years in Egypt as chief operating officer.
Gonski also called out Smith’s strong focus on the Asia Pacific.
A few people have misunderstood the bank’s strategy, Mr. Gonski said, describing it as an effort to leverage a strong domestic franchise to help Australian and New Zealand business operate in Asia and to tap trade flows running the other way. Mr Gonski said he considered his pledge honoured, adding that the promotion of Mr Elliott was on schedule.
“Mike’s always spoken about being the most respected and the best connected and that’s how we’re going to monetise it, getting that connectivity right”, said Mr Elliott, who takes on the role against a backdrop of slowing growth in China and stricter capital regulation at home. “He stood by his undertaking and I worked within that undertaking”.
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Elliot’s appointment pours cold water on speculation that ANZ New Zealand’s chief executive David Hisco would get the top job. Mr Smith, who last year expressed a desire to stay on for another two or three years, will become a non-executive adviser to the board for an initial period of one year.
