ANZ boots its NZ boss
(17 June 2019 – New Zealand) ANZ has fired the boss of its New Zealand business David Hisco after an internal review of his personal expenses.
Mr Hisco, who has been CEO of ANZ New Zealand since 2010, will be replaced by Antonia Watson who has been appointed acting chief executive.
The bank said after an investigation into his expenses Mr Hisco was being sacked and would forfeit his entitlements including untaken leave and unvested equity.
"Mr Hisco’s departure follows ongoing health issues as well as board concern about the characterisation of certain transactions following an internal review of personal expenses" the bank said in a statement.
Mr Hisco does not accept all of the concerns raised by the Board however accepts accountability given his leadership position and has agreed the characterisation of the expenses falls short of the standards required.
The upheaval could not have come at a worse time for the bank which is currently in the middle of a conflict with the central bank and prudential regualrtos after ANZ Bank CEO Shayne Elliott threatened to reallocate capital elsewhere after the RBNZ said it was mulling a sharp capital impost for Australian banks.
Shortly after ANZ was penalised for running unauthorised capital models going back to 2014.
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