Sir John Key to step down as ANZ NZ chair, leave ANZ Group board

Sir John Key is to retire from the Australian and New Zealand boards of ANZ.

Key joined the ANZ NZ board in 2017 after stepping down as New Zealand’s Prime Minister. He became chair of the board in 2018 and then joined the ANZ Group board as a director.

In 2019 he oversaw the departure of former ANZ NZ CEO David Hisco who left amid a personal expenses furore involving personal use of chauffeur-driven cars and wine storage.

ANZ - the country’s largest bank and the banking sector as a whole - has also come under fire in recent years for making record profits including more than $2 billion in its 2023 financial year while Kiwis were doing it tough through higher interest rates and soaring mortgage costs.

Last year an initial review of the banks by the Commerce Commission found they were more profitable than overseas counterparts and it is undertaking a market study that will focus on home loans and personal deposit accounts.

Key will leave the boards on March 14 and be replaced by Scott St John.

Sir John Key is stepping down as the chair of ANZ New Zealand. Photo / Greg Bowker

St John will join the NZ board as chair on the same day, and join the Australian board on March 25.

ANZ Group chair Paul O’Sullivan said Key had made an enormous contribution to the bank.

“Sir John has made an enormous contribution to ANZ with his unparalleled international business and political experience playing a critical role in our ongoing success.

O’Sullivan said the board would miss Key’s wise counsel, global insights and good humour, and it wished Key and his family the very best for the future.

“Scott St John’s deep business experience, particularly in financial markets, makes him an ideal replacement for Sir John as Chair of ANZ New Zealand.

“He has served admirably on the ANZ New Zealand board since 2021 and we look forward to welcoming him to the Group Board next month.”

Key said he was proud to have played his part in making ANZ a better company.

“While it’s the right time for me to step back on my commitments, I know ANZ is in a strong position and that Scott St John will be an outstanding chair of ANZ New Zealand and director of ANZ Group.”

St John is a former CEO of First NZ Capital - now called Jarden - and is chair of Mercury NZ, Fisher & Paykel Healthcare and sits on the boards of Fonterra and Next Foundation.

St John said it was a privilege to succeed Sir John as chair of ANZ New Zealand.

“I’m looking forward to also contributing to the Group Board as we continue efforts to make ANZ better for our customers and the community.”