Heartland signals boardroom tweaks to meet RBNZ guidelines

July 24 (BusinessDesk) - Heartland New Zealand, the parent of the country’s newest bank, has tapped a new independent director to join its lending subsidiary and will have a quick reshuffle of its board after releasing earnings next month to meet Reserve Bank guidelines.

The Christchurch-based lender will add Nicola Greer to the board of Heartland Bank this week to deepen its banking experience and boost the number of independent directors on the subsidiary unit’s board, it said in a statement.

Once the firm announces its annual result next month, it’s planning to reshuffle the boards of the Heartland New Zealand parent and the Heartland Bank subsidiary to comply with RBNZ guidelines by boosting the number of independent directors, it said.

Chairman Bruce Irvine will resign from the board of the parent, while keeping the chair of the Heartland Bank subsidiary. Geoff Ricketts will succeed Irvine as chair of Heartland New Zealand, and remain a director of the bank subsidiary.

Heartland New Zealand directors Christopher Mace and Gary Leech resign from the board of the bank subsidiary, and keep their spots with the parent.

Once the changes are completed, Heartland New Zealand’s board will comprise of Ricketts as independent chair, chief executive Jeff Greenslade, Graham Kennedy, Leech, Mace, and Greg Tomlinson.

Heartland Bank will be chaired by Irvine, who will be joined by Greenslade, Greer, Kennedy, Ricketts, John Harvey and Richard Wilks.

Heartland NZ’s shares were unchanged at 86 cents today.

(BusinessDesk)

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