Mr Charles Goode, Chairman of Australia and New Zealand Banking Group Limited, today announced that the Board had appointed Mr Michael Smith, 50, to be ANZ's Chief Executive Officer from 1 October 2007. Mr. Smith will also join the Board of ANZ.
Mr Smith is President and Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited, Chairman of Hang Seng Bank Limited and Chairman of HSBC Bank Malaysia Berhad. He is also the Global Head of Commercial Banking for the HSBC Group.
Mr Smith will succeed Mr John McFarlane who will leave ANZ on 30 September this year after 10 years as Chief Executive Officer.
"Michael is well qualified to take ANZ forward in its next stage of development. He is an outstanding all-round banker. In his 29 years with the HSBC Group he has developed an impressive track record across multiple businesses and geographies with extensive experience in retail and corporate banking," Mr. Goode said today.
Mr Smith has led The Hongkong and Shanghai Banking Corporation Limited and HSBC Holding's Asian business, since August 2003. It has 60,000 employees in 22 countries, with total assets of A$523 billion and a profit before tax of A$10.6 billion.
"Michael has worked in most continents across the globe. This includes senior management positions in Hong Kong, United Kingdom, Australia, Argentina and Malaysia, and in places as diverse as Oman and the Solomon Islands. He brings to ANZ considerable experience of the Asian market place and a strong commercial banking background," Mr. Goode said.
Commenting on his appointment Mr Smith said: "I am looking forward to being ANZ's Chief Executive Officer, a significant publicly listed Australasian bank, and building on its strengths and culture. I lived and worked in Australia for five years and my wife and I really look forward to coming back. Two of our three children were born in Melbourne".
In making the announcement Mr Goode also paid tribute to Mr McFarlane's contribution to ANZ.
"John McFarlane has played a significant role in the development of ANZ. Under his leadership ANZ has become Australia's third largest bank, the leading bank in New Zealand and has a strong foundation for growth in Asia.
"Importantly, he has created an organisation with a reputation for consistently delivering on its promises to shareholders by transforming ANZ's cost base, lowering risk and creating a new foundation and capability for the organisation. This is most notable in ANZ's vibrant culture and in ANZ's strong customer and community recognition, "Mr Goode said.
Mr McFarlane said: "While there is still much to do in my remaining months at ANZ, I am pleased to be leaving the Group in such a strong position. I am delighted that we have been able to attract an outstanding, internationally recognised banker and I know that with Mike's appointment ANZ will be well led and has a great future."
Mr Smith's appointment follows an extensive worldwide search conducted by Whitehead Mann which involved interviews and assessments of external and internal candidates. Mr Smith's appointment is subject to the conditions noted in the Key Terms of Employment Contract.