Mike Smith is stepping down after eight years as CEO of ANZ on December 31 2015, and will be succeeded by Shayne Elliott, the ANZ board announced on October 1.

 

Elliott, 51, is currently the ANZ CFO with responsibility for all aspects of finance, as well as group strategy, legal, treasury, investor relations, and mergers and acquisitions.

 

ANZ chairman David Gonski says the board announcement is the result of a detailed review of external and internal candidates. He says Elliott’s international banking and financial experience, together with his background in Australia and New Zealand makes him the right person to lead ANZ in a challenging global environment.

 

Smith, in a statement, says now is the appropriate time for him to step down. He will be retained as a non-executive adviser to the board, initially for one year, noting his understanding of and connections in Asia.

 

Smith was appointed chief executive at a time when the world was entering the global financial crisis. He was being credited for transforming ANZ into one of the leading banks in Asia-Pacific with operations in 34 countries. His leadership has seen ANZ continue to grow market share in Australia, and establish a strong, growing New Zealand business under one brand.

 

Elliott joined ANZ as CEO Institutional in June 2009. He was responsible for the bank’s largest corporate and financial institutional clients across 32 markets with the business focused in four major areas: transaction banking, global markets, global loans and relationship banking.