ING appoints former AusPost exec to board

The latest to join ING Australia’s board is Darryl Newton, who most recently stepped down from his role as chief risk officer at Australia Post, instead advising the organisation on a part-time basis.

Mr Newton was also a partner at Ernst & Young for 14 years, specialising in financial services customers in Australia, as well as being involved with major projects in Indonesia and Thailand.

The new ING board member previously worked for Westpac as acting general manager of group risk and head of Basel II Program, as well as at Bank of Queensland as chief risk officer.

Earlier this year, ING Australia appointed Nancy Fox to its board of directors; she carries 30 years of experience in financial services, infrastructure and insurance in Australia, Asia and the US.

She serves on the board of a number of other organisations including Perpetual and HCF Life Insurance.

ING Group CFO resigns

ING Australia’s parent company, ING Group this week announced that Koos Timmermans, who joined in 1996, would step from his position as chief financial officer and executive board member as soon as a successor is found.

The resignation follows an announcement made on 4 September 2018 about ING Group’s €900 million (AU$1.47 billion) settlement for failing to prevent money laundering.

Hans Wijers, chairman of the Supervisory Board of ING, said: “Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at executive board level.

“We want to thank Koos for his many years of dedication to ING. His efforts to align the bank’s balance sheet with new and upcoming regulation have strongly contributed to the robust financial foundation ING has today. On behalf of all at ING, we wish him all the best in his future endeavours.”

Mr Timmermans will remain at ING until the succession process, including approval by regulators and shareholders, has been completed.

[Related: Regaining trust in financial sector ‘not the regulator’s job’: APRA]

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