ANZ appoints new board member

The appointment is subject to meeting regulatory requirements and Jeff Smith will take on the role from 1 August 2022.

Mr Smith has experience as a global business and technology executive, having been the chief information officer at several organisations, including IBM, Suncorp, and Telstra.

Taking on the role at Australia and New Zealand Banking Corporation (ANZ), Mr Smith will step down as chief operating officer of World Fuel Services Corporation based in Florida, a position he has held since 2017.

Mr Smith was also a member of ANZ’s international technology and digital business advisory panel until 2019 and holds a non-executive role in Sonrai Security Inc, as well as an adviser to the board of Zoom Video Communications.

Following his appointment, Mr Smith will stand for election as a director at ANZ’s annual general meeting on 15 December 2022 and will split his time between Australia and the US.

Commenting on Mr Smith’s “vast experience” with technology and executive management, ANZ chair Paul O'Sullivan said he was confident Mr Smith will “complement the board”.

“I am confident he will provide valuable service to both the organisation and to ANZ’s shareholders as we continue through a period of significant transformation,” Mr O'Sullivan said.

The big four bank announced earlier this year Maile Carnegie will step into the role as group executive, Australian retail as outgoing group executive Mark Hand makes the move to leave the bank later this year following the establishment of a new commercial division.

The group is set to combine its Australian retail business with its digital division and set up a commercial division, to prepare for future growth opportunities.

Following a period of high turnaround times, the big four bank had recognised a marked improvement in performance, with it reaching an initial credit decision in nine business days.

To address the ongoing lags, the bank moved to streamline processes, digitise certain documents and automate processes, as well as the onboarding and relocation of staff, and recently overhauled its third-party leadership team.

[Related: ANZ turnaround times fastest in 2 years]