ANZ chief executive Mike Smith steps down, to be replaced by Shayne Elliott

AFTER months of speculation, ANZ chief executive Mike Smith is stepping down after eight years in the top job at the bank.

Mike Smith

ANZ chief executive Mike Smith is stepping down after eight years in the top job at Australia’s third biggest bank.

After months of speculation, the bank has announced that its chief financial officer Shayne Elliott will take the reins on January 1.

Mr Elliott has more than three decades of experience in international banking, having worked in Australia, New Zealand, Asia Pacific and the Middle East.

He will join the ANZ board while Mr Smith, who last year expressed a desire to stay on for another two or three years, will become a non-executive board adviser for an initial period of one year.

ANZ chairman David Gonski said Mr Smith had left ANZ in a strong position.

“Mike was appointed chief executive as the world was entering the global financial crisis,” ANZ chairman David Gonski said.

“Despite those headwinds and a volatile environment for banks around the world, his leadership has seen ANZ continue to grow market share in Australia and establish a strong, growing New Zealand business under one brand. He has transformed ANZ into one of Asia Pacific’s leading banks.”

ANZ executive Shayne Elliott.

Mr Elliott, a former investment banker, has more than 30 years experience in Australia, New Zealand, Asia Pacific and the Middle East.

Mr Gonski described the New Zealander as the outstanding candidate among both internal and external candidates.

High-profile figures including ASX chief Elmer Funke Kupper had been linked to the position by various media, but Mr Gonski called Mr Elliott, a former investment banker, the outstanding candidate for the role.

“Today’s announcement is a result of a detailed review of external and internal candidates,” Mr Gonski said on Thursday.

“Shayne’s international banking and financial experience, together with his background in Australia and New Zealand, makes him the right person to lead ANZ in a challenging global environment.”

Mr Smith takes over at a time of slowing growth in China and stricter capital regulations at home.