Commenting on the appointment, Mr Smith said: “In order to achieve our medium term goal of building a business which out-performs, we will need to focus as much on productivity as revenue and risk management.
“Margaret will lead a program to drive strategic productivity improvement across the Group working closely with our businesses on the way we manage costs and how we organise ourselves for efficiency and effectiveness,” Mr Smith said.
Ms Payn was previously Chief Financial Officer, Personal Division. Ms Payn joined ANZ from Westpac in April 2006 where she was General Manager, Group Finance and was previously Chief Financial Officer at Citigroup Global Investment.
Mr Nick Freeman, Chief Financial Officer, Consumer Finance is the Acting Chief Financial Officer for the Personal Division while an internal and external search is conducted for the role.