ANZ has announced the retirement of David Gonski as chair of the group’s board, effective following the release of the banks full-year results on 28 October.
The outgoing chairman will be replaced by Paul O’Sullivan, who joined the group’s board in November 2019.
Mr Gonski, who has served as chair since 2014 and as a non-executive director for 11 years, said he believes it’s the right time to step down.
“I feel it’s the right time to hand over the reins,” he said.
“We have in place an experienced, diverse and talented management team as well as having made significant progress on our ambitions to simplify and improve our operations.”
Mr Gonski also welcomed the appointment of incoming chairman Paul O’Sullivan.
“I’m delighted Paul has agreed to succeed me as chairman,” he said.
“Paul is an outstanding director who has already made a strong contribution to ANZ, and I’m confident he will do an excellent job leading the board as we continue to work for the benefit of our shareholders.”
Mr O’Sullivan thanked Mr Gonski for his service to ANZ, adding: “David has made a significant contribution to ANZ over more than a decade of committed service. It has been a privilege to serve with him on the ANZ board and I look forward to succeeding him as chairman.
“While I know he will not be lost to public life and will continue to serve business and the community, David can be extremely proud of the contribution he has made to ANZ.”
Mr O’Sullivan concluded: “My focus as chairman will be to continue the work we have been doing over many years to improve our operations and simplify the bank to benefit not only the owners of our company but also our customers and our staff.
“The banking industry is at an important inflection point as we do all we can to help the economy recover from the impacts of COVID-19, and ANZ will remain committed to that cause.”
Mr O’Sullivan also currently serves as chairman of Optus, chairman of Western Sydney Airport Corp, and as a director of Coca Cola Amatil.
The new appointee has also previously held senior executive roles with Singapore Telecommunications (Singtel) and was CEO of Optus from between 2004 and 2012.
[Related: Optus chair joins ANZ board]