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Paul O'Sullivan (pictured), the current chair of Western Sydney Airport Corporation and Optus, will succeed David Gonski as the chairman of ANZ (ASX: ANZ) on 28 October 2020.
The appointment follows Gonski's decision to retire from the board after serving as chairman for the last six and a half years.
O'Sullivan says he is stepping into his new role at a pivotal moment for the banking industry.
"My focus as Chairman will be to continue the work we have been doing over many years to improve our operations and simplify the bank to benefit not only the owners of our company but also our customers and our staff," says O'Sullivan.
"The banking industry is at an important inflection point as we do all we can to help the economy recover from the impacts of COVID-19 and ANZ will remain committed to that cause."
Outgoing chair Gonski says his appointment as chairman of ANZ was a highlight of his corporate career.
"I feel it's the right time to hand over the reins. We have in place an experienced, diverse and talented management team as well as having made significant progress on our ambitions to simplify and improve our operations," says Gonski.
"Importantly, we have also taken steps to improve the governance around matters impacting our reputation, including the now well-established EESG Board committee.
"I'm delighted Paul has agreed to succeed me as Chairman. Paul is an outstanding director who has already made a strong contribution to ANZ and I'm confident he will do an excellent job leading the Board as we continue to work for the benefit of our shareholders."
Shares in ANZ are down 1.38 per cent to $18.28 per share at 10:26am AEST.
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