The ANZ Group Holdings Ltd (ASX: ANZ) share price is under pressure on Monday morning.
At the time of writing, the banking giant's shares are down 1.5% to $30.68.
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Why is the ANZ share price falling?
Investors have been selling the company's shares this morning after it announced a change of leadership.
According to the release, ANZ's CEO Shayne Elliott is retiring after nine years in the role. He will be handing over the reins at the start of July next year then remain available until the end of September to support his replacement. Commenting on his exit, Elliott said:
Leading ANZ over the last nine years has been the highlight of my career. I'm proud to be leaving the bank in such a strong position, particularly the work we have done to simplify the business, transforming institutional into one of the world's best and preparing our retail bank for the future. The recent Suncorp Bank acquisition will also benefit ANZ for years to come.
New leader appointed
The good news is that the bank has already found its new leader. It revealed that Nuno Matos will become its new CEO on 3 July 2025 on a $2.5 million a year deal.
The release notes that Matos has 30 years' experience across retail, commercial, and wholesale banking. He was most recently CEO of Wealth and Personal Banking at HSBC where he was responsible for 87,000 employees serving approximately 40 million customers across 35 markets.
He also held senior roles including CEO of HSBC Bank plc and HSBC Europe, where he oversaw the transformation of its European business. He has also previously served as CEO Mexico, one of HSBC's largest markets, and Regional Head of Retail Banking in Latin America. Prior to his time at HSBC, Matos was the Global Head of Consumer in its Retail and Commercial Division at Santander.
Commenting on the appointment, ANZ's chair, Paul O'Sullivan, said:
We are very pleased an international banker of Nuno's calibre and extensive experience will be joining ANZ as our new Chief Executive to lead the execution of our strategy.
O'Sullivan also revealed that the appointment has been in the works for some time. He adds:
Nuno's appointment is the culmination of long-term systematic work by the Board on leadership succession. Having assessed multiple external and internal candidates, we know Nuno is the right person to build on the transformation already well progressed under the leadership of Shayne and his team.
Critically, Nuno has led several bank business, risk and technology transformations, which will be a significant benefit as we prepare to scale the migration of customers, including those from Suncorp Bank, across to ANZ Plus as well as supporting our focus on non-financial risk.
The bank's chair also believes it will be business as usual for the bank. He notes that "bank is in a strong position and this orderly leadership transition ensures ANZ will continue to deliver for customers, shareholders and staff in the years to come."
