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ANZ share price falls on shock CEO exit

One of the Big Four banks is getting a new CEO. Here’s what you need to know.

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The Australia and New Zealand Banking Group Holdings Ltd (ASX: ANZ) share price is under pressure on Monday morning.

At the time of writing, shares of the banking giant were down 1.5% to $30.68.

Why is the ANZ share price falling?

Investors dumped shares this morning after the company announced leadership changes.

According to the report, ANZ CEO Shayne Elliott is retiring after nine years in the role. He will hand over the reins in early July next year and then stay until the end of September to support his successor. Elliott said of his departure:

Leading ANZ for the past nine years has been a highlight of my career. I am proud to leave the Bank in such a strong position, particularly with the work we have done to simplify the business, transform the Institutional Bank into one of the best in the world and position our Retail Bank for the future. The recent acquisition of Suncorp Bank will also benefit ANZ in the coming years.

New leader appointed

The good news is that the bank has found a new leader. It has been revealed that Nuno Matos will become the new CEO on July 3, 2025 with a salary of $2.5 million per year.

The press release noted that Matos has 30 years of experience in retail, commercial and wholesale banking. He most recently served as CEO of HSBC Wealth and Personal Banking, overseeing 87,000 employees and serving approximately 40 million customers in 35 markets.

He has also held senior positions such as CEO of HSBC Bank and HSBC Europe, where he was responsible for the transformation of the European business. He has also served as CEO of Mexico (one of HSBC’s largest markets) and regional head of retail banking in Latin America. Prior to joining HSBC, Matos was global head of consumer for Santander’s retail and commercial divisions.

Commenting on the appointment, ANZ Chairman Paul O’Sullivan said:

We are very pleased that an international banker of Nuno’s experience will be joining ANZ as our new CEO to lead the implementation of our strategy.

O’Sullivan also revealed that the appointment had been in the works for some time. He added:

Nuno’s appointment is the culmination of the Board’s long and systematic work on leadership succession. After evaluating multiple internal and external candidates, we knew that Nuno was the right person to succeed us and that he was the right person to lead the transformation that had already made great progress under the leadership of Shane and his team.

Crucially, Nuno has led a number of banking, risk and technology transformations that will deliver significant benefits as we prepare for the expansion of customer migration (including from Suncorp Bank) to ANZ Plus, while also supporting our focus on non-financial risk.

The bank’s chairman also believes that it will be business as usual for the bank. He noted that “the bank is in a strong position and an orderly leadership transition ensures ANZ continues to deliver for its customers, shareholders and employees in the years ahead.”

Motley Fool contributor James Mickleboro does not own any of the stocks mentioned. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., does not own any of the stocks mentioned. Motley Fool Australia does not own any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (AFSL 400691). Authorized by Scott Phillips.

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