(12 October 2011 – New Zealand) New Zealand cabinet minister Simon Power will take over as the head of Westpac Private Bank, a subsidiary of Westpac which deals with premium personal customers.Westpac announced yesterday that the Ranitikei MP, who has been a National MP for 12 years and was tipped as the next party leader will instead be taking on a second career.
Power made a shock decision to stand down at the November general election, he is currently the commerce and justice minister.
‘This is the beginning of a new and exciting chapter in my career. One of my objectives after leaving Parliament is to contribute to the growth of New Zealand in the private sector and I feel that with my experience in working with and implementing change I can do that,’ he said in a statement.
Westpac chief executive George Frazis said Power would bring a range of skills and experience to the position.
‘We are enormously excited to be joined by someone with such an outstanding record of leadership and achievement at the highest level.’