Elliott to succeed Smith at ANZ

Mike Smith will step down as ANZ's chief executive at the end of the year.


By Elizabeth Somerville

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Shayne Elliott will replace Mike Smith as chief executive of ANZ, effective 1 January 2016.

Elliott is currently ANZ’s chief financial offer and responsible for all aspects of finance in addition to group strategy, legal, treasury, investor relations, and mergers and acquisitions.

He has over thirty years’ experience in international banking across Australia, New Zealand, Asia Pacific and the Middle East, and joined ANZ as chief executive institutional in June 2009.

ANZ Chairman David Gonski said Smith had transformed ANZ into Australia’s only international bank with a focus on Asia Pacific.

“Mike has been a champion of ANZ and of Australia globally, but particularly in Asia,” he said.

“He has also been instrumental in establishing ANZ’s values-led culture and has been a leader in diversity and financial literacy.

“ANZ is uniquely well positioned because of the foundation Mike has created.”

Furthermore, Gonski said Elliott was selected to take the helm after a detailed review of both internal and external candidates.

“Shayne was the outstanding candidate for the role of chief executive given his deep knowledge of the ANZ Group, his strategic vision, global financial services experience and his track record of building and leading strong international management teams,” he said.

“For the past three years, he has been chief financial officer with responsibility for our most critical finance and strategic functions.

“Shayne’s international banking and financial experience, together with his background in Australia and New Zealand makes him the right person to lead ANZ in a challenging global environment.”

Elliott said he was honoured to have the opportunity to lead ANZ and would work with Smith during the transition period.

“Our people are guided by a clear strategy and a strong set of values,” he said.

“I look forward to working with Mike during the transition period and to building on the foundation he has established.”

Smith said he was proud of what ANZ had achieved since he took the helm eight years ago and that now was the appropriate time for him to step down.

“Shayne and I have worked closely together for the last six years, particularly in his last three years as chief financial officer,” he said.

“I know he will make an exceptional chief executive.”

Smith will be retained as a non-executive advisor to the board, initially for one year.

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