Former New Zealand PM resigns from ANZ board

Mr Key, who served as the 38th prime minister of NZ from 2008–16, has announced that he will be retiring from all ANZ boards from 14 March 2024.

Mr Key was first appointed chair of ANZ New Zealand’s board in 2018, after retiring from politics.

In October 2017, Mr Key was announced as chairman of the group’s New Zealand arm and joined the group board the following month.

Speaking of his retirement from the ANZ boards, Paul O’Sullivan, chairman of ANZ Group, stated: “Sir John has made an enormous contribution to ANZ with his unparalleled international business and political experience playing a critical role in our ongoing success.

“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.”

ANZ Group has now revealed that Mr Key is to be replaced by Scott St John as chair of ANZ New Zealand. He will also be joining ANZ Group’s board as of 25 March 2024.

Mr St John is a former chief executive of non-bank lender First NZ Capital (now known as Jarden) and is currently a board member of ANZ New Zealand.

ANZ Group noted Mr St John’s extensive business experience, particularly in financial markets, and that fact he had “served admirably on the ANZ New Zealand board since 2021” made him an “ideal replacement” for Mr Key.

“[W]e look forward to welcoming him to the group board next month,” Mr O’Sullivan said.

Mr St John commented: “It’s a privilege to succeed Sir John as chair of ANZ New Zealand and I’m looking forward to also contributing to the group board as we continue efforts to make ANZ better for our customers and the community.”

The appointment came after the Australian Competition Tribunal (ACT) gave its approval for ANZ to merge with Suncorp on Tuesday (20 February) after the long-awaited tribunal decision was released.

[Related: ANZ-Suncorp merger given green light]