ANZ shares backtrack despite the bank bolstering its board

ANZ has appointed a new member to its board.

| More on:
A corporate team or board stands together and looks out the window.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • ANZ shares edge 0.63% lower to $25.34
  • The company announced the inclusion of experienced global exec Jeff Smith as its newest board member
  • Mr Smith will take up the role of non-executive director from 1 August 2022, subject to meeting regulatory requirements

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is heading south today.

At the time of writing, the bank’s shares are 0.63% lower to $25.34.

For context, the S&P/ASX 200 Financials (ASX: XFJ) sector is also slightly in reverse, down 0.68% to 6,506.2 points.

A mixed session on Wall Street on Friday night has led the broader ASX market to trade sideways.

ANZ appoints new board member

The ANZ share price is hovering in negative territory despite the company’s latest announcement to bolster its board.

In its release, ANZ advised that it has appointed experienced global business and technology executive Jeff Smith to its board.

Mr Smith will take up the role of non-executive director from 1 August 2022, subject to meeting regulatory requirements.

ANZ highlighted Mr Smith’s wealth of experience in which he served as chief information officer at several organisations. This includes IBM (NYSE: IBM)Suncorp Group Ltd (ASX: SUN), and Telstra Corp Ltd (ASX: TLS).

Over the last five years, Mr Smith has been chief operating officer of Florida-based World Fuel Services. As such, he will be stepping down from that position at the end of the calendar year.

Mr Smith’s other appointments include being a non-executive director of cloud security company Sonrai Security Inc. He is also an advisor to the boards of Zoom Video Communications Inc and Box Inc.

Notably, Mr Smith was previously a member of ANZ’s International Technology and Digital Business Advisory Panel until 2019.

ANZ chair Paul O’Sullivan touched on the new appointment:

Jeff’s vast experience with technology and executive management will complement the Board and I am confident he will provide valuable service to both the organisation and to ANZ’s shareholders as we continue through a period of significant transformation.

Moving forward, Mr Smith will split his time between Australia and the United States.

He will stand for election as a director at ANZ’s annual general meeting on 15 December 2022.

ANZ share price review

Throughout the year, the ANZ share price has continued to move in circles, reflecting a 7.9% loss for the period.

More recently, investor fears regarding a global economic slowdown have hit the company’s shares hard. In the past month, ANZ shares are down 8.8%.

The company commands a market capitalisation of around $71.24 billion, making it the sixth largest company on the ASX.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Bank Shares

a cute little boy with curly hair wearing a business suit with a tie and too big glasses looks intently at an old fashioned business calculator with a scroll of paper spilling onto his desktop.
Dividend Investing

Are NAB shares really offering a dividend yield above 5%?

The ASX 200 banking giant is currently offering an attractive dividend yield.

Read more »

A young man wearing a bright yellow jumper and glasses purses his lips together and moves them to the side of his face as he wonders whether the Macquarie share price is a buy
Bank Shares

Why did the CBA share price underperform the other ASX 200 banks today?

CBA shares underperformed the rest of the big four today...

Read more »

A woman sits on sofa pondering a question.
Bank Shares

Should you ‘buy the dip’ in ASX 200 bank shares?

There's been a pretty major sell-off in ASX bank shares and the dip has really accelerated in June. Here's what…

Read more »

Bank Shares

ANZ share price rises as MYOB acquisition rumours swirl

Is ANZ about to make a major acquisition?

Read more »

A man in a suit looks surprised as he looks through binoculars.
Bank Shares

What’s the outlook for ASX 200 bank dividends?

The ASX 200 big four bank shares have a reputation as strong dividend stocks. But will rising interest rates change…

Read more »

Man in activewear stands smiling in front of wall.
Bank Shares

Is the NAB share price about to hit the comeback trail?

Bank shares have been beaten down in 2022.

Read more »

A business woman flexes her muscles overlooking a city scape below
Bank Shares

How ANZ plans to fend off competition from other ASX 200 bank shares with fresh tech

There’s a tech race going on in the banking sector.

Read more »

Young investor sits at desk looking happy after discovering Westpac's dividend reinvestment plan
Bank Shares

What’s going on with the Westpac share price this week?

ASX bank shares are rallying this week but Westpac is trailing its big four rivals.

Read more »