18th June 2019

ANZ New Zealand CEO steps down after personal expenses review

The Australia and New Zealand Banking Group (ANZ) has confirmed the appointment of Antonia Watson as Acting CEO of ANZ New Zealand, following the departure of David Hisco. Mr Hisco’s departure follows ongoing health issues as well as Board concern about the characterisation of certain transactions following an internal review of personal expenses.

While Mr Hisco did not accept all of the concerns raised by the Board, he accepted accountability given his leadership position and agreed that the characterisation of the expenses fell short of the standards required.

ANZ New Zealand Chair Rt Hon Sir John Key said: “We are disappointed David is leaving ANZ under such circumstances after such a long career, however his departure is the right one in these circumstances given the expectations we have of all our people, no matter how senior or junior.

“We are fortunate to have an experienced executive in Antonia Watson to step in while we conduct a search for a replacement. Antonia’s extensive banking career has her well placed to help ANZ manage through this transition.”

Mr Hisco will receive his contracted and statutory entitlements to notice and untaken leave, with all unvested equity to forfeit.