Kiwibank chief Paul Brock to depart at the end of the year

Tuesday 22nd August 2017

Kiwbank chief executive Paul Brock will leave the state-owned lender at the end of the year, ending seven years in charge of the country's fifth biggest bank.

Brock was part of the team that set up the bank in 2002 and had been general manager of savings and transactions before taking over the reins in 2010 when he replaced founding CEO Sam Knowles, beating out external national and international candidates.

In a statement, Brock said he wanted a break to see what the future holds after a "very rewarding" 17 years.

Under his watch, the bank has built up a customer base of one million, introduced wealth management services with the purchase of Garth Morgan Investments and seen a juggling of its Crown ownership with Accident Compensation Corp and the New Zealand Superannuation Fund buying a 47 percent stake from New Zealand Post between them.

Brock's exit follows a shake-out at Kiwibank's board after former chair Rob Morrison and his deputy Rhoda Philippo resigned in April when NZ Super and ACC installed their own representatives.

Chair Susan Macken said the board will begin its search for a new chief executive immediately.

(BusinessDesk)

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