Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Banking giant ANZ (ANZ) has announced that Paul O’Sullivan will succeed David Gonski as the company’s new Chairman
  • Paul is currently the Chairman of Western Sydney Airport Corporation, as well as telecommunications giant, Optus
  • He will oversee the company as it wrestles with COVID-19’s economic impacts, with the intent of aiding Australia’s recovery
  • Paul will take the reins at the finalisation of the company’s full year results on October 28, 2020
  • ANZ closed 1.13 per cent in the red for $18.33 per share

Banking giant ANZ (ANZ) has announced that Paul O’Sullivan will succeed David Gonski as the company’s new Chairman.

The company’s current Chairman, David, is a well-known Australian public figure and businessman. In 2008, he was dubbed “Mr Networks” by The Sydney Morning Herald, for his extensive connections throughout the industry.

David recently announced his intention to retire from the company’s Board, after serving as its Chairman for the last six and a half years. He was a member of the Board from February 2002 to June 2007, but returned in 2014 to take on the role of Chairman. David also served for over 11 years as ANZ’s Non-Executive Director.

David commented on his departure from Australia’s third-largest bank, saying that he felt it’s the right time to hand over the reins.

“I’m delighted Paul has agreed to succeed me as Chairman. Paul is an outstanding director who has already made a strong contribution to ANZ, and I am confident he will do an excellent job leading the Board as we continue to work for the benefit of our shareholders,” he said.

His successor, Paul O’Sullivan, is currently the Chairman of Western Sydney Airport Corporation, as well as telecommunications giant, Optus. He is also a director of Coca Cola Amatil. 

Paul has previously held a variety of senior executive roles with Singapore Telecommunications (Singtel). He was also the CEO of Optus from 2004 to 2012.

Paul will officially take over for David at the finalisation of ANZ’s full year results, on October 28, 2020. He commented on his promotion to the new role, in a time of unprecedented economic turmoil, caused by the COVID-19 pandemic.

“My focus as Chairman will be to continue the work we have been doing over many years, to improve our operations and simplify the bank, to benefit not only the owners of our company, but also our customers and our staff.

“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.

ANZ closed 1.13 per cent in the red for $18.33 per share.

ANZ by the numbers
More From The Market Herald
Carsales (ASX:CAR) - Managing Director and CEO, Cameron McIntyre

" Carsales.com (ASX:CAR) raises $842m for Trader Interactive acquisition

Carsales.com (ASX:CAR) has raised $842 million from its institutional entitlement offer to help fund its acquisition…
The Market Herald Video

" Pilbara Minerals (ASX:PLS) set to increase production at Pilgangoora

Pilbara Minerals (ASX:PLS) is set to increase spodumene production at its Pilgangoora operation to 680,000 dry…
The Market Herald Video

" Liontown Resources (ASX:LTR) lands offtake agreement with Ford, reaches FID decision

Liontown Resources (ASX:LTR) has executed a binding offtake agreement and funding facility with global automaker, Ford.
The Market Herald Video

" Northern Star Resources (ASX:NST) looks to expand Kalgoorlie Super Pit

Gold miners Northern Star Resources (ASX:NST) flags potential to spend up to $1.4 billion to expand…