Susan Macken opts not to seek reappointment to Board

Kiwibank Board Chair Dr Susan Macken today announced she will not be seeking reappointment next month.

Dr Macken, an experienced company director and business consultant, was appointed to the Kiwibank Board as an independent director for a three-year term in November 2016 and became Chair in April 2017. Her resignation from the Board will be effective from 28 November.

“Following changes to the shareholding of Kiwibank and the resignation of the previous Chair, I was appointed Board Chair by Kiwi Group Holdings Limited (KGH), the owner of Kiwibank, in early 2017. My focus was to ensure more New Zealanders – and New Zealand businesses – chose to bank with Kiwibank, and to put in place a business strategy that would meet the changing needs of Kiwis,” Dr Macken said.

“I am proud of the significant progress the Board has made in delivering on those priorities and our appointment of Steve Jurkovich as Chief Executive in 2018. Kiwibank is investing in standalone branches, developing technological capabilities to meet the needs of customers, and focused on helping more families and businesses with their long-term financial wellbeing.”

“It is pleasing to see our strategic and management changes being endorsed by the market, reflected in the bank’s ‘A/A-1’ ratings being affirmed by S&P. Their positive outlook on Kiwibank’s future aligns with our own, focusing on a clear and solid strategy, particularly around our technological capabilities.”

“With Board appointments due to be confirmed in November, I reflected on the changing nature of the governance requirements as the bank evolves. I decided Kiwibank would best benefit from a chair with the specific skills to lead them in this new chapter, and informed shareholders and the Board last month I would not be seeking reappointment.

“I felt it was important to signal this now rather than in a year, so the Board could look to appoint a Chair to oversee the governance – and success - of the organisation into the 2020s.”

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