RBNZ announces departures of two senior officials

RBNZ announces departures of two senior officials | Insurance Business New Zealand

RBNZ announces departures of two senior officials

The Reserve Bank of New Zealand (RBNZ) has announced the departures of head of supervision Andy Wood (pictured above left) and head of financial system policy and analysis Toby Fiennes (pictured above right) over the coming months.

The central bank said that it is restructuring its executive leadership team, with a second phase of consultation to realign leadership functions now completed. While new roles have been created as part of the new leadership structure, both Wood and Fiennes have chosen not to pursue roles in the new structure, RBNZ said.

Fiennes will continue in his role until March, when the new structure comes into place. Wood will depart before Christmas, with Scott McKinnon stepping in as acting head of supervision until the new structure is effective.

“Andy and Toby have both achieved a huge amount in their careers at the RBNZ,” said governor Adrian Orr. “Toby has overseen first-class policy advice that has driven a significant expansion of our regulatory responsibilities, and Andy has successfully nurtured talent and led the growth to support our more intensive supervision approach.”

RBNZ said that recruitment for its executive leadership team is progressing well, with more announcements to be made soon. Recruitment for newly created senior leadership roles will begin in January.