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Major bank restructures executive team

ANZ Bank has announced changes to the management structure of its Australia business, designed to help the bank “better navigate the challenges facing the sector”.

ANZ has reported that as part of these changes, current group executives Mark Hand and Maile Carnegie will share responsibility for the financial performance of ANZ’s business in Australia, in a bid to ensure increased organisational alignment to “take advantage of current market opportunities”.

Effective from 1 March, Mr Hand will assume the role of group executive Australia, retail and commercial banking, with Ms Carnegie to take on an expanded role as group executive, digital and Australia transformation.

Commenting on the announcement, ANZ CEO Shayne Elliott said that the existing structure is no longer appropriate for addressing market challenges.

“The continued transformation of the Australia business to succeed and thrive in this new operating environment is both the biggest challenge and opportunity for ANZ,” he said.

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“It was clear that retaining a single governance and accountability structure is no longer suitable given the size and complexity of the challenges facing domestic banking in Australia.

“We have made significant progress in recent years, particularly with the roll-out of Agile work methods; however, we know there are significant opportunities available for the bank that best responds to the changing needs of retail and business customers in Australia.”

Mr Elliott added: “This means continuing the work started in Australia several years ago to build a bank more relevant and responsive to the changing needs of our customers.”

The ANZ CEO also placed confidence in Mr Hand and Ms Carnegie’s capacities to effectively manage their new responsibilities.

“Both Mark and Maile are experienced executives with a strong track record at ANZ,” he said.

“I’m confident these changes will not only improve the services and products we provide our customers but also help us better meet the expectations of the broader community.”

[Related: Non-bank lender names new general manager]

Major bank restructures executive team
ANZ
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