Mr Waller was appointed as a non-executive director of NAB in February 2009. He also joined the group as a non-executive director of BNZ in January 2008 before being appointed chairman in November that year.
NAB chairman Michael Chaney thanked Mr Waller for his contribution to the board and BNZ during his seven-year association with the NAB group.
“John has brought a wealth of valuable corporate and financial experience to his position, including a deep understanding of the New Zealand market, and I would like to personally thank him for his contribution,” he said.
Mr Chaney said he was pleased to announce that Doug McKay will replace Mr Waller as chairman of BNZ from 1 August.
Mr McKay has been a non-executive director of BNZ since March 2013, and Mr Chaney said he will also join the NAB board in February 2016, subject to regulatory approval.