ANZ Banking Group Limited (ASX:ANZ) announced today that Shayne Elliot will become Chief Executive Officer and join the Board on 1 January 2016, succeeding Mike Smith.
Mr Elliot, who is now 51 years old, is currently the Chief Financial Officer for ANZ. Originally from NZ, Mr Elliot has over thirty years’ experience in international banking including in Australia, New Zealand, Asia Pacific and the Middle East. He joined ANZ as CEO Institutional in June 2009.
After eight years as CEO and Director, Mr Smith will step down on 31 December 2015. ANZ Chairman David Gonski commented, “Mike was appointed Chief Executive as the world was entering the global financial crisis. Despite those headwinds and a volatile environment for banks around the world, his leadership has seen ANZ continue to grow market share in Australia and establish a strong, growing New Zealand business under one brand.
“Shayne was the outstanding candidate for the role of Chief Executive given his deep knowledge of the ANZ Group, his strategic vision, global financial services experience and track record of building leading strong international management teams.”
Mr Elliot commented, “ANZ is a bank that plays an important role in supporting our customers and communities in 34 countries. Our people are guided by a clear strategy and a strong set of values. I look forward to working with Mike during the transition period and to build on the foundation he has established.”
Shayne Elliot’s remuneration will be $6.3 million. The package will consist of fixed remuneration of $2.1 million, a short term incentive target of $2.1 million and a long term incentive target of $2.1 million. Mr Elliot’s employment agreement states that a resignation must be accompanied by a notice period of 12 months, equally a termination by ANZ must be accompanied by a 12 months’ notice period.
ANZ’s share price has suffered in recent months, along with other major banks, due to the downturn in the market. Today’s announcement has been received well by investor’s as ANZ’s share price is up approximately 1.0 per cent as of 11.30 AEST.
Author: Ben Visser
Oct 01, 2015
Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.