RESEND: Former PM John Key tapped to take over as ANZ New Zealand chair
(Fixes Mark Verbiest's name in final paragraph)
By Paul McBeth
Oct. 18 (BusinessDesk) - Former Prime Minister John Key will take over as chair of the country's biggest bank, ANZ Bank New Zealand, next year in his second high-profile directorship.
Key will join the ANZ New Zealand board in October and replace John Judge as chair in the new year, the bank said in a statement. Judge will retire from the board in January, ending almost a decade as a director and five-and-a-half years as chair.
"Sir John Key’s strong international career in banking and his understanding of and contacts across the Asia-Pacific – where many Australian and New Zealand companies are increasingly trading - will add great value to the governance of ANZ," Australia & New Zealand Banking Group chair David Gonski said. "John Judge’s tenure has overseen significant change in the ANZ New Zealand business."
Key's appointment to the ANZ New Zealand board is his second high-profile position since he unexpectedly resigned as prime minister late last year while still highly popular in polls. In May he was earmarked to join Air New Zealand's board in August.
Before entering politics, Key worked in banking and finance where he was head of global foreign exchange at Merrill Lynch.
ANZ New Zealand's board is rounded out with independents Tony Carter, Mark Verbiest and Joan Withers, and executive directors including local CEO David Hisco, ANZ group chief risk officer Nigel Williams and group CEO Shayne Elliott.