The chief executive of ANZ bank – who has an extensive history in the automotive side of the banking group – has left the business today following health issues and issues with expenses transactions.
David Hisco is a former general manager of UDC Finance, and went on to be managing director of Esanda, its Australian equivalent. He has lead ANZ New Zealand since 2010, adding the Pacific Islands and global retail to his remit since.
ANZ today confirmed the appointment of Antonia Watson as acting chief executive of ANZ New Zealand, following the departure of Hisco.
In a statement ANZ says the bank’s board had concerns about the characterisation of certain transactions following an internal review of personal expenses.
It is understood the expenses related to fees for storing wine in Australia, and cars in New Zealand.
“While Mr Hisco does not accept all of the concerns raised by the Board, he accepts accountability given his leadership position and agrees the characterisation of the expenses falls short of the standards required.”
Chairman John key says the board is disappointed Hisco is going.
“We are disappointed David is leaving ANZ under such circumstances after such a long career, however his departure is the right one in these circumstances given the expectations we have of all our people, no matter how senior or junior.
“We are fortunate to have an experienced executive in Antonia Watson to step in while we conduct a search for a replacement. Antonia’s extensive banking career has her well placed to help ANZ manage through this transition,” Sir John says.
Hisco will receive his contracted and statutory entitlements to notice and untaken leave, with all unvested equity to forfeit.
