Top job speculation mounts

Press, 18 February 1989, Page 1

Top job speculation mounts

Speculation mounted yesterday on who might become the chairman of the Bank of New Zealand, after the resignation on Thursday of Sir Ron Brierley as chairman. Early indications were that the chairman of the board of Air New Zealand, Ltd, Mr Norman Geary, might be appointed. This was ruled out yesterday by sources close to the Minister of Finance, Mr Caygill. While Mr Geary might be on a Government shortlist of three, sources understood that the appointment might be made from the bank board.

However, several of those on the board have, ruled themselves out. Those. remaining do not appear likely to be candidates. Mr Caygill has made clear that he wants a chairman who will take a strong executive role to sort out management problems at the bank for several months. Sir Ron’s relatively "hands-off’ approach to the BNZ management- appears partly to have led to differences of opinion with Mr Caygill about the bank’s direction. The Government still appears to be keen to sell the bank, and apparently Sir Ron is happier off

the board in case Brierley Investments, Ltd, bids again for the BNZ. The BNZ’s acting chairman, Mr Rob Campbell, yesterday ruled himself out of selection as chairman saying he had told Mr Caygill he could not contemplate the full-time commitment required. An Auckland-based accountant, Dr Susan Lojkine, said she had not been approached on the issue, as did a Christchurch company director, Mr Peter Leeming. Mr Leeming is the only one on the BNZ board with clearly relevant management experience.

Mr Len Bayliss, an economist, and Mr Pat Morrison, the chairman of the Wool Board, were not available for comment yesterday, but” were widely seen as unsuitable for the job. That leaves only Mr Frank Pearson, a highly regarded Wellington investment fund manager, who nonetheless is not an experienced "hands on” manager of organisations such as the BNZ. Mr Pearson refused to comment yesterday on whether he had been approached to become chairman, saying he would not be drawn into comment on the BNZ at such a time.