Leadership overhaul at ANZ New Zealand amid expense fallout
The head of ANZ’s retail and business banking division has taken on the job as acting CEO of ANZ New Zealand following the departure of David Hisco amid concerns about his expenses.
A statement from the bank said that Hisco’s departure followed ongoing health issues as well as Board concern about certain transactions following an internal review of personal expenses.
The statement said that while Hisco does not accept all of the concerns raised by the Board, he accepts accountability given his leadership position and agrees the characterisation of the expenses falls short of the standards required,” the statement said.
According to reports from the New Zealand Herald, expenses attributed to the departing ANZ boss included chauffer driven cars and wine storage.
These expenses dated back over nine years and were revealed following a review of executives by ANZ CEO Shayne Elliott.
“We are disappointed David is leaving ANZ under such circumstances after such a long career, however his departure is the right one in these circumstances given the expectations we have of all our people, no matter how senior or junior,” ANZ New Zealand chair Sir John Key said.
“We are fortunate to have an experienced executive in Antonia Watson to step in while we conduct a search for a replacement. Antonia’s extensive banking career has her well placed to help ANZ manage through this transition,” he said.
Hisco will receive his contracted and statutory entitlements to notice and untaken leave, with all unvested equity to forfeit.