Mr Elliott, 51, is currently ANZ’s Chief Financial Officer responsible for all aspects of Finance as well as Group Strategy, Legal, Treasury, Investor Relations and Mergers and Acquisitions. Originally from New Zealand, Mr Elliott has over thirty years’ experience in international banking including in Australia, New Zealand, Asia Pacific and the Middle East. He joined ANZ as CEO Institutional in June 2009.
Mr Smith will step down after eight years as Chief Executive Officer and as a Director on 31 December 2015.
ANZ Chairman David Gonski said Mr Smith had transformed ANZ into Australia’s only international bank with a focus on Asia Pacific. “Mike was appointed Chief Executive as the world was entering the global financial crisis. Despite those headwinds and a volatile environment for banks around the world, his leadership has seen ANZ continue to grow market share in Australia and establish a strong, growing New Zealand business under one brand. He has transformed ANZ into one of Asia Pacific’s leading banks with operations in 34 countries, delivering strong outcomes for our customers and for our shareholders.
“Mike has been a champion of ANZ and of Australia globally but particularly in Asia. He was the Chair of the B20’s Financing Growth Taskforce and a leading advocate of increasing trade and investment linkages throughout Asia Pacific. 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.
“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 has held senior positions in Citigroup in Australia and New Zealand, the UK, USA, Asia Pacific and in the Middle East. Prior to joining ANZ, Shayne was a senior executive with the investment bank EFG Hermes. For the past three years he has been Chief Financial Officer with responsibility for our most critical finance and strategic functions.
“Today’s announcement is a result of a detailed review of external and internal candidates. 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,” Mr Gonski said.
Mr Elliott said he was honoured to have the opportunity to lead ANZ. “ANZ is a bank that plays an important role supporting our customers and communities in 34 countries. Our people are guided by a clear strategy and a strong set of values. I look forward to working with Mike during the transition period and to building on the foundation he has established.”
Mr Smith said he was proud of what the management team and everyone at ANZ had achieved over the past eight years. “Our succession process saw a smooth transition to our new Chairman last year and now is the appropriate time for me to step down.
“Shayne and I have worked closely together for the last six years, particularly in his last three years as CFO. I know he will make an exceptional Chief Executive,” Mr Smith said.
Mr Smith, who has an invaluable understanding of and connections in Asia, will be retained as a non-executive advisor to the Board, initially for one year. The financial details of this advisory role and Mr Smith’s leaving arrangements are summarised in Attachment 1.
Details of the key terms of Mr Elliott’s employment contract, including the remuneration arrangements are set out in Attachment 2. His biography is Attachment 3.
Video interviews with Mr Smith and Mr Elliott can be found on ANZ BlueNotes www.bluenotes.anz.com.