BNZ chairman to step down

McDonald, who also relinquishes a seat on the board from November 7, will be replaced by John Waller, the bank said in a statement today.

The departure comes after announcements of senior management changes at the bank after chief executive Cameron Clyne was promoted to be CEO of parent National Australia Bank. Clyne leaves at the end of this month and will be replaced by Andrew Thorburn, currently head of NAB's retail business in Australia.

By Jonathan Underhill

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