Changes at BNZ

Press, 23 March 1985, Page 25

Changes at BNZ

Mr William Shaw, group chief executive of the Bank of New Zealand for the last 5% years, will retire on June 12. He will be succeeded by Mr Robert McCay, the deputy general manager. Mr Shaw is chairman of the Australia-New Zealand Businessmen’s Council, and past chairman of the New Zealand Bankers’ Association. He has been a special guest over a number of years at annual meetings of the IMF and the World Bank. Before his appointment as group chief executive in 1980 Mr Shaw held a wide number of executive appointments within the bank. Mr Shaw is a director of BNZ Finance, Ltd, Hunter BNZ Finance, Ltd, (Australia), Bank of Western Samoa, and Bank of Tonga and recently joined the Board of L. D. Nathan and Company, Ltd. Sir Lewis Ross, chairman of the BNZ, said that during Mr Shaw’s period as chief executive, the bank made considerable progress, particularly in its world operations. There had been a significant increase in the assets employed, from J2852M in 1979 to $6681M in 1984, tax-paid profits rising from just over SI2M a year to more than SSSM a year. The return on shareholders’ funds had doubled to 22.5 per cent a year during the same period. Mr McCay joined the' bank in Napier in 1946. He has held a wide range of branch and head office management positions, including representative in Japan, Wellington branch manager, regional manager

for Britain and Europe, based in London, and Auckland city district manager. He was appointed assistant general manager in January, 1980, and assumed his E resent position in Novemer, 1984.

Concurrently with Mr McCay’s appointment, the responsibilities of other senior executives in the bank are being re-defined.

Mr Ronald Mear and Mr Peter Travers, who are at present assistant general managers, will become general manager, New Zealand business, and general manager, corporate and international, respectively. Mr Thomas Tennent, at present chief manager, New Zealand branch banking, will join top management as assistant general manager.