December 8th 2024.
After an impressive nine years at the helm, Shayne Elliott, CEO of ANZ, has announced his resignation. His departure from the top job will take place in July, marking the end of a successful era.
The ANZ board has selected Nuno Matos as Elliot's successor. Matos, who previously served as CEO of Wealth and Personal Banking at HSBC, will be relocating from Hong Kong to Melbourne to take up the role. One of his key responsibilities will be overseeing the integration of ANZ's recent $4.9 billion acquisition of Suncorp.
In terms of compensation, Matos will receive the same salary package as Elliott, which includes a fixed remuneration of $2.2 million, as well as short-term and long-term bonuses worth 80% and 135% of his base salary. This information was provided by the ANZ board.
With over 30 years of experience in retail, commercial, and wholesale banking, Matos brings a wealth of knowledge and expertise to the table. ANZ Group Chairman Paul O'Sullivan expressed his confidence in Matos, stating that he is the perfect candidate to lead the execution of the bank's strategy.
In his own statement, Matos expressed his admiration for ANZ and its current trajectory under Elliott's leadership. He also expressed his honor at being chosen to continue the bank's evolution.
Elliott's time as CEO at ANZ will likely be remembered for two major events. The first was the successful takeover of Suncorp, despite opposition from the Australian Competition and Consumer Commission. The second was a scandal within the bank's markets division, currently under investigation by the Australian Securities and Investments Commission. This investigation centers around potential price manipulation of a government bond sale, which may have resulted in ANZ gaining excessive profits.
Elliott, who also served as global managing director institutional and chief financial officer, reflected on his time at ANZ with pride. He noted the bank's transformation and simplification under his leadership, as well as the successful acquisition of Suncorp. He also expressed confidence in the bank's future and wished Matos success in his new role.
In the coming months, Elliott will work closely with Matos to ensure a smooth transition. He will also continue to drive the bank's multi-year strategy with urgency. In the meantime, Matos is preparing to hit the ground running in his new position, ready to continue ANZ's success story.
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