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Australia and New Zealand Banking Group (ASX: ANZ) has announced its New Zealand business CEO David Hisco (pictured) is stepping down after an internal review of his personal expenses.
The board has raised concerns about the "characterisation of certain transactions" while the decision also follows ongoing health issues for the outgoing executive.
Hisco reportedly does not accept all of the concerns raised by the board, but accepts accountability given his leadership position and agrees the characterisation of the expenses falls short of the standards required.
"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," says ANZ New Zealand chair and former New Zealand Prime Minister Sir John Key.
Antonia Watson has been appointed as acting CEO for the time being.
"We are fortunate to have an experienced executive in Antonia Watson to step in while we conduct a search for a replacement," says Key.
"Antonia's extensive banking career has her well placed to help ANZ manage through this transition."
Hisco is set to receive his contracted and statutory entitlements to notice and untaken leave, with all unvested equity to forfeit.
The Reserve Bank of New Zealand and Australian Prudential Regulation Authority have been notified of the changes and are being provided all requisite filings
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