Gonski to leave ANZ and hand reins over to former Optus CEO O’Sullivan

Image: Asha McLean/ZDNet

Chairman of the Australia and New Zealand Banking Group (ANZ) David Gonski has announced he will step away from the blue bank on October 28.

After being a director for 11 years, and chairman since 2014, Gonski will hand the reins over to Paul O’Sullivan.

O’Sullivan is currently chairman of Australian telco Optus, chairman of Western Sydney Airport Corporation, and a director of Coca Cola Amatil.

He was previously CEO of Optus between 2004 and 2012 and has also held senior executive roles with Optus’ parent company Singtel.

He is also a director of the St George and Sutherland Medical Research Foundation, the National Disability Insurance Agency, and St Vincent’s Health Australia.

“I feel it’s the right time to hand over the reins to Paul. We have in place an experienced, diverse and talented management team as well as having made significant progress on our ambitions to simplify and improve our operations,” Gonski wrote in a letter to ANZ staff.

“Importantly, we have also taken steps to improve the governance around matters impacting our reputation, including the now well-established Ethics, Environment, Social & Governance Board committee.”

Gonski said he was “proud” to have played a role in choosing Shayne Elliott as the bank’s chief executive and that he was leaving ANZ in good shape under his leadership.

He said serving as ANZ’s chairman would always remain a key highlight of his corporate career. The 2011 review into trends in the educational outcomes of Australian students, the Gonski report, was named after the outgoing ANZ chairman, as he chaired the review panel.

For the first half of 2020, ANZ reported a 51% drop in statutory net profit to AU$1.55 billion. The bank said the profit decline was driven primarily by credit impairment charges of AU$1.6 billion that included increased credit reserves for COVID-19 impacts of AU$1 billion.

Its Australian operations saw a 23% drop in cash profit to AU$1.4 billion, with expenses totalling AU$1.9 billion, on revenue of AU$4.7 billion.

Over the ditch, its New Zealand operations produced NZ$600 million in cash profit, down 20% year on year, with NZ$700 million in expenses, on revenue of NZ$1.8 billion.


ANZ rejects claims the big four sabotaged open banking

The blue bank’s chief data officer has said no one has deliberately stalled the delayed Consumer Data Right.

ANZ banks on agile workforce to emerge out of COVID-19 ‘even stronger’

The blue bank’s profit drops 51% to AU$1.5 billion.

Cloud at the centre of ANZ’s agile approach to customer-focused banking

The blue bank has touted breaking its ambitious customer-focused plans up into small pieces, leveraging Google Cloud to make that a reality.

ANZ banks on its agility to stay relevant in the financial services industry of the future

To Shayne Elliott, merely turning up and being a bank will no longer be a successful model for financial service providers in Australia.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin34,757 1.84 % 9.57 % 19.40 %
Ethereum2,397.6 1.98 % 14.00 % 27.61 %
Tether0.9987 0.43 % 0.04 % 0.22 %
Binance Coin353.91 2.54 % 15.85 % 27.78 %
USD Coin0.9987 0.49 % 0.06 % 0.21 %
Cardano1.060 3.13 % 11.39 % 17.55 %
Solana93.35 4.18 % 24.27 % 36.20 %
XRP0.5758 2.21 % 15.13 % 25.61 %
Terra61.24 2.31 % 14.65 % 24.98 %
Polkadot17.85 1.77 % 18.58 % 35.66 %

Bitcoin (BTC) $ 35,091.00
Ethereum (ETH) $ 2,428.72
Tether (USDT) $ 0.999532
Binance Coin (BNB) $ 359.69
USD Coin (USDC) $ 0.998927
Cardano (ADA) $ 1.08
Solana (SOL) $ 95.74
XRP (XRP) $ 0.583942
Terra (LUNA) $ 61.59
Polkadot (DOT) $ 17.97