Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Rabo NZ chief Daryl Johnson resigns


Rabo NZ chief Daryl Johnson resigns after less than two years in the job

By Sophie Boot

Nov. 15 (BusinessDesk) - Rabobank New Zealand chief executive Daryl Johnson has resigned, less than two years after taking over the reins of the rural lending specialist.

Johnson's resignation will take effect on Dec. 22, and Rabobank NZ has commenced a process to appoint a new chief executive officer, chair Henry van der Heyden said in a statement to the NZX. Johnson joined the bank in July last year, having previously led National Australia Bank's Asia business.

In March, the rural lending specialist posted a 14 percent decline in annual profit to $89.5 million last year. The decline in profit was largely due to the bank booking $15.1 million in impairment charges on bad debt. At the time, Johnson said the provisioning was prudent given the challenging dairy industry conditions experienced in recent seasons.

New Zealand lenders have been struggling to attract depositors over the past year as record low interest rates reduce the appeal of term deposits, meaning banks have been forced to tap more expensive wholesale funding lines overseas. However, Rabobank increased deposits 8.5 percent to $4.14 billion through 2016.

The bank is owned by Netherlands-based Rabobank Nederland.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Industry Report: Growing Interactive Sector Wants Screen Grants

Introducing a coordinated plan that invests in emerging talent and allows interactive media to access existing screen industry programmes would create hundreds of hi-tech and creative industry jobs. More>>

ALSO:

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: