Originally from New Zealand, Elliott has more than 30 years’ experience in international banking including in Australia, New Zealand, Asia Pacific and the Middle East. He joined ANZ as CEO Institutional in June 2009.

Smith will step down after eight years as CEO and as a director on 31
December.

Under the terms of his contract, ANZ Smith will be on a six-month gardening leave period to 7 July 2016, and then receive a payment for the remaining approximately three months in lieu of notice (to 30 September 2016). As a result, he will continue to be paid his fixed remuneration (A$3.4 million ($2.39 million) per annum) on a monthly basis to 7 July 2016.

The bank said that “At Target”, Elliott’s total remuneration will be A$6.3 million.

ANZ chairman David Gonski said Smith had transformed ANZ into Australia’s “only
international bank with a focus on Asia-Pacific”.

“Mike was appointed chief executive as the world was entering the global financial crisis. Despite those headwinds and a volatile environment for banks around the world, his leadership has seen ANZ continue to grow market share in Australia and establish a strong, growing New Zealand business under one brand. He has transformed ANZ into one of Asia Pacific’s leading banks with operations in
34 countries, delivering strong outcomes for our customers and for our shareholders,” he said.

Smith will be retained as a non-executive advisor to the board, initially for one year.