ANZ announces senior management changes
From People Feb 17 2012 BY: Ray Clancy
, Contributor
, International Adviser
Australia & New Zealand Banking Group (ANZ), the third-largest bank in Australia with customers in Asia Pacific, Europe and America, has announced several senior management changes.
The move comes as the Melbourne-based company prepares to shed 1,000 jobs among its 49,000 staff worldwide, to cope with upheavals in the banking industry, and freezes pay for senior management.
As part of a new regional strategy, Shayne Elliott, currently chief executive officer institutional will succeed Peter Marriott as chief financial officer, initially as a designate from 1 March during a three-month transition period. Elliott will also have responsibility for strategy from next month.
Alex Thursby will take up an expanded role as chief executive officer global institutional and Asia Pacific Europe and America, to focus on ANZ’s largest multi-national clients globally, and the growth and transformation of ANZ’s international franchise.
Joyce Phillips, group managing director for strategy, mergers and acquisitions, marketing and innovation, will be appointed to a new role as chief executive officer for global wealth and private, with responsibility for wealth management and private banking globally.
Phillips will retain responsibility for marketing, innovation and digital.
'Difficult environment'
“These changes support our super regional aspiration at a time banking globally is undergoing a major upheaval as a result of low credit growth, funding challenges and new regulation,” said ANZ chief executive officer Mike Smith.
“This creates significant opportunities for ANZ. However, we also need to manage our business differently. We need to be leaner and more innovative in this new and more difficult environment.
Other changes also effective from 1 March include corporate banking Australia, previously part of institutional, reporting to Mark Whelan, managing director commercial. Whelan in turn reports to Philip Chronican, chief executive officer Australia.
And Shane Buggle, currently chief financial officer institutional, will be appointed deputy chief financial officer. He previously held several senior finance roles at ANZ, including group general manager finance.