Paul O’Sullivan to replace David Gonski as ANZ chairman

Former Optus CEO Paul O’Sullivan’s focus will be on recovery when he takes over from David Gonski as ANZ chairman.

David Gonski ends a six and a half year term as ANZ chairman in October. Picture: AAP

Former Optus chief executive Paul O’Sullivan will succeed David Gonski as ANZ Bank chairman in late October.

ANZ announced the move on Thursday, drawing the curtain on an eventful six-and-a-half year term for Mr Gonski.

The move was foreshadowed in The Australian a month ago.

Mr Gonski, who has served two terms on the ANZ board, said in a statement it felt like the right time to hand over the reins.

“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,” he said.

“Importantly, we have also taken steps to improve the governance around matters impacting our reputation, including the now well-established EESG (ethics, environment, social and governance) board committee.”

In his time as chairman, ANZ emerged relatively unscathed from the Hayne financial services royal commission, and like its rivals has been dealing with the COVID-19 pandemic.

Mr O’Sullivan said his focus as chairman would be to continue improving the operations and simplifying the bank, not only for investors but also for customers and staff.

Incoming ANZ chairman Paul O'Sullivan. Picture: Adam Knott

“The banking industry is at an important inflection point as we do all we can to help the economy recover from the impacts of COVID-19 and ANZ will remain committed to that cause,” he said.

Mr O’Sullivan is now chairman of Optus and chairman of Western Sydney Airport Corporation.

He is also a director of Coca-Cola Amatil, where Mr Gonski was once chairman, and was Optus chief executive from 2004-12.

He replaces Mr Gonski at the finalisation of the bank’s full-year result on October 28.