ASB's chief executive officer and managing director has announced she is stepping down from the role after nine years.
Vittoria Shortt will finish on December 9, and be replaced by Sinead Taylor, who was currently group executive for institutional banking and markets at Commonwealth Bank of Australia.
In a statement, ASB said Shortt had led ASB through a period of significant change and challenge for the country and for the banking industry.
"Against this backdrop, ASB has continued to adapt, perform strongly and lay solid foundations for the future. Under Vittoria’s direction, ASB has continued to focus relentlessly on our customers and our purpose to accelerate progress for all New Zealanders," it said.
Reflecting on her time at ASB, Shortt said she felt "incredibly fortunate to have had this opportunity".
“When I look back at what we’ve achieved, I’m most proud of how deeply our purpose has become part of ASBers’ work every day to help improve customers’ financial wellbeing, support our communities and back the New Zealand economy.”
ASB said Taylor's appointment had received non-objection from the Reserve Bank of New Zealand. She would take over as chief executive and managing director on December 12.
"Prior to her current Group Executive role, Sinead Taylor has held Executive positions within the Commonwealth Bank group including Group Executive, Chief Operations Officer and Executive General Manager of Bankwest, as well as roles in global markets, strategy, marketing, business and corporate banking. Before banking, she held senior strategy and marketing roles in professional services," ASB said.
Sinead was born in Glasgow, Scotland and lived for a number of years in New Zealand after moving to Rotorua at the age of nine.
“Sinead has broad experience and an impressive track record and reputation for creating impact, executing ambitious strategies and leading with purpose. She has led large teams, implemented complex transformation at scale, strengthened risk management and delivered better outcomes for customers. That combination of customer focus, operational discipline and execution makes her well placed to lead ASB through its next phase.”
Shortt said she would take a break before deciding what came next.
"I’m looking forward to some travel, starting with a roadie around New Zealand, and spending more time with my family. I want to take some time to consider my next move professionally.”
ASB chairperson Dame Therese Walsh "acknowledged Vittoria’s incredible work and dedication as CEO, and before that as a member of the ASB Board".
Dame Therese said Sinead would build on ASB’s strong foundations and take the bank into its next chapter.
In June ASB was ordered to pay $6.731 million over its "inadequate" anti-money laundering systems – the highest penalty of its kind ever imposed in New Zealand.
In March, it was fined $2.1m over fair deal breaches.
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