Former PM John Key retires from ANZ boards
Former prime minister Sir John Key is retiring from the New Zealand and Australian boards of ANZ, the bank says.
Key joined ANZ after retiring from politics, and was appointed chair of ANZ New Zealand in January 2018 and joined the wider group board the following month.
During his tenure at ANZ, he oversaw the departure of former chairman David Hisco in 2019 over a personal expenses scandal, and dealt with controversy over record bank profits during a cost of living crisis.
ANZ Group chairman Paul O’Sullivan said Key would step down from March 14 and be replaced by Scott St John.
Key had made an enormous contribution to ANZ and his “unparalleled international business and political experience” had played a critical role in the bank’s ongoing success, he said.
“As a Board we will miss his wise counsel, global insights and good humour and we wish him and his family the very best for the future.”
Key, who served as prime minister from 2008 until 2016, said he was proud to have played his part in making ANZ a better company for customers, shareholders and employees.
“While it’s the right time for me to step back on my commitments, I know ANZ is in a strong position and that Scott St John will be an outstanding chair of ANZ New Zealand and Director of ANZ Group.”
St John is chairperson of Mercury NZ and Fisher and Paykel Healthcare and serves on the boards of Fonterra and NEXT Foundation.
He was Chancellor of the University of Auckland from 2017 to June 2021, and had also been a member of the University Council from 2009.
Previously, he was a member of the Capital Markets Development Taskforce, the Financial Markets Authority Establishment Board and the Security Industry Association, which he chaired.
He was also a long-term chief executive of First NZ Capital (now Jarden).
O’Sullivan said St John’s deep business experience, particularly in financial markets, made him an ideal replacement for Key as chair.
“He has served admirably on the ANZ New Zealand board since 2021, and we look forward to welcoming him to the group board next month.”