The CEO of Australia's third largest bank ANZ, Mike Smith is stepping down after eight years in the role.
He will be succeeded by Shayne Elliott. Elliott, the bank's current chief financial officer, will take over on January 1, Xinhua reported.
ANZ, which has extensive Asian operations, indicated in a statement on Thursday that the change of leadership does not imply a dramatic change of the direction for ANZ, given that Shayne Elliott has been with the bank for more than six years, with half of that tenure as its finance chief and effective second-in-charge to Smith.
"Shayne and I have worked closely together for the last six years, particularly in his last three years as CFO. I know he will make an exceptional chief executive," Smith said in a statement.
Smith is also not completely leaving ANZ on December 31.
He will remain as a consultant with ANZ on a 250,000 Australian dollar salary.
