State-owned Kiwibank has named investment banker Rob Morrison as deputy chairman and is signalling that he will become chairman on July 1 next year.
The announcement was made by Kiwibank chairman Jim Bolger who retires from the chairmanship of both Kiwibank and its parent NZ Post on October 31. Former finance minister Michael Cullen becomes chairman of NZ Post and he is on the Kiwibank board.
Current Kiwibank independent director and deputy chairman Ian Fitzgerald will be chairman until July 1, 2011.
Mr Morrison will be an independent board member and his appointment is subject to Reserve Bank regulatory review.
Mr Morrison was an executive vice president and head of equities at Bankers Trust Australia and chief executive of Bankers Trust New Zealand. He returned to New Zealand after retiring as the chairman and chief executive of Hong Kong-based brokerage, investment banking and private equity group CLSA Asia-Pacific Markets. His brother is high profile Wellington businessman Lloyd Morrison.
The appointment comes at a time of criticism of NZ Post's use of another Wellington investment banker, Rob Cameron of Cameron Partners, as an adviser on its strategic review.
Wigram MP Jim Anderton said Mr Cameron opposed the creation of Kiwibank and predicted it would not withstand competition from Australian-owned banks.
"After being spectacularly wrong about the success of Kiwibank, the appointment of Mr Cameron to review NZ Post looks like another round in the Government's ongoing push to sell some or all of NZ Post and Kiwibank.
"Why else would they appoint an individual who has prominently advocated for the privatisation of state-owned enterprises to help boost the share market," Mr Anderton said.
Mr Bolger, a former National Party prime minister who retires from Kiwibank's board after nine years of service, said Mr Morrison was a New Zealander who was committed to preserving the distinctive New Zealand characteristics that gave a Kiwibank competitive edge.
NZPA