The executive says he intends to pursue directorship opportunities after retirement
TSB CEO and managing director Kevin Murphy is retiring after having been in the role for nearly a decade and with the company for nearly forty years.
TSB chairman John Kelly said the board is grateful to Murphy’s contribution to the business and his willingness to stay on as CEO.
Kelly said: “Mr Murphy has for some time signalled to the board his intentions. However, he has put that to one side in the interests of the business, to assist with TSB Community Trust’s acquisition of Fisher Funds and to complete TSB’s recent rebrand.
“This reflects the dedication and passion for TSB and the community that he is known for,” Kelly said.
Murphy said: “The decision to retire from the bank has been a difficult one, but I feel the time is right having completed a number of initiatives that lay the foundations for the bank’s ongoing success.”
Murphy said he intends to pursue directorship opportunities after his retirement. He is set to leave on Jan. 31, 2018.
TSB said current TSB director Murray Bain will take-up an appointment as interim managing director to ensure continuity and a seamless transition for employees and customers. Bain has significant banking experience with a community-orientated bank and was an assistant governor of the Reserve Bank of New Zealand.
Last month, TSB unveiled its rebranding, which reflect its transformation from a local Taranaki bank to a nationwide bank. TSB is now the sixth largest bank in New Zealand with branches across the country and claims to be a recognised leader in providing outstanding customer service.
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TSB chairman John Kelly said the board is grateful to Murphy’s contribution to the business and his willingness to stay on as CEO.
Kelly said: “Mr Murphy has for some time signalled to the board his intentions. However, he has put that to one side in the interests of the business, to assist with TSB Community Trust’s acquisition of Fisher Funds and to complete TSB’s recent rebrand.
“This reflects the dedication and passion for TSB and the community that he is known for,” Kelly said.
Murphy said: “The decision to retire from the bank has been a difficult one, but I feel the time is right having completed a number of initiatives that lay the foundations for the bank’s ongoing success.”
Murphy said he intends to pursue directorship opportunities after his retirement. He is set to leave on Jan. 31, 2018.
TSB said current TSB director Murray Bain will take-up an appointment as interim managing director to ensure continuity and a seamless transition for employees and customers. Bain has significant banking experience with a community-orientated bank and was an assistant governor of the Reserve Bank of New Zealand.
Last month, TSB unveiled its rebranding, which reflect its transformation from a local Taranaki bank to a nationwide bank. TSB is now the sixth largest bank in New Zealand with branches across the country and claims to be a recognised leader in providing outstanding customer service.
Related stories:
Key named ANZ chairman
Partners Life appoints new director
