ANZ chief to step down, replacement named
ANZ chief executive Shayne Elliott has resigned after nine years at the helm, and will be replaced by Nuno Matos.
In a statement on Monday morning, ANZ chair Paul O’Sullivan said Matos will begin on July 3 to oversee the integration of the bank’s $4.9 billion purchase of Suncorp Bank and drive the bank’s focus on fixing its corporate governance issues
ANZ chief executive Shayne Elliott will depart in July.Credit: Arsineh Houspian
Hong Kong-based Matos has most recently been the chief executive of wealth and personal banking at HSBC, where he was responsible for almost 90,000 employees, but has had 30 years of experience across retail, commercial and wholesale banking.
“Having assessed multiple external and internal candidates, we know Nuno is the right person to build on the transformation already well progressed under the leadership of Shayne and his team,” O’Sullivan said.
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“Critically, Nuno has leg several bank business, risk and technology transformations, which will be a significant benefit as we prepare to scale the migration of customers, including those from Suncorp Bank, across to ANZ Plus as well as supporting our focus on non-financial risk.”
Elliott’s exit means three of the country’s big four banks will have had changes at the top this year, following Westpac and NAB, which both announced internal appointments – typically preferred by investors and analysts.
ANZ’s head of institutional, Mark Whelan, had been widely tipped to replace Elliott until a suite of scandals in his division rocked the bank this year.
Corporate and financial regulators have “heightened concerns” about ANZ’s corporate governance, stemming from the bonds trading scandal, in which traders are alleged to have manipulated the bond rate, forcing up the federal government’s cost during a $14 billion debt sale last year.
The Australian Securities and Investments Commission launched an investigation into those allegations. Elliott said previously that the bank’s preliminary internal probe found no evidence of wrongdoing.
Separately, the Australian Prudential Regulation Authority (APRA) in August hit the bank with a $250 million capital add-on charge after ANZ admitted its markets unit inflated its bond trading figures to the federal government – portraying itself as more experienced than it was – and a workplace complaints investigation found traders in the Sydney dealing room were inebriated during working hours.
Nuno Matos has held a number of high-profile roles at HSBC.Credit: Bloomberg
The ANZ board slashed Elliott’s short-term bonus by almost half to $1.3 million, while Whelan’s was cut by 60 per cent to $565,000, and chief risk officer Kevin Corbally lost 40 per cent to take home $624,000 amid the scandals.
Matos’ remuneration will be set at $2.5 million per annum, with short and long-term bonuses. Elliott will remain with the bank until September 30, 2025 to provide handover support to his replacement.
Elliott was appointed chief executive in 2016 after four years as chief financial officer and head of institutional. He has simplified the bank’s Asia strategy, invested in new technology, such as ANZ Plus, and this year acquired Suncorp’s banking division.
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“[Elliott] was the first CEO to identify the need for simplification, later becoming a mantra for the industry,” O’Sullivan said.
“He rebalanced our portfolio to materially improve the capital efficiency and focus of the group while also making our business less complex and safer to manage.”
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