Rabobank appoints Todd Charteris as new CEO

Monday 18th December 2017

Rabobank New Zealand will appoint Todd Charteris as its new chief executive officer, replacing Daryl Johnson.

Charteris, who has worked for Rabobank since 2000, will take over the role subject to regulatory approval, the bank said. He was most recently Rabobank's national manager country banking Australia. Johnson announced his resignation, which takes effect on Dec. 22, in November, having been in the role less than two years.

Rabobank New Zealand chairman Henry van der Heyden said Charteris "will bring significant experience with Rabobank on both sides of the Tasman to the role of CEO, as well as a deep knowledge of agribusiness and extensive relationships across the global Rabobank network."

In March, the rural lending specialist posted a 14 percent decline in annual profit to $89.5 million last year. The decline in profit was largely due to the bank booking $15.1 million in impairment charges on bad debt. At the time, Johnson said the provisioning was prudent given the challenging dairy industry conditions experienced in recent seasons.

The bank is owned by Netherlands-based Rabobank Nederland.

(BusinessDesk)

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