The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has come under pressure on Tuesday and is dropping lower.
At the time of writing, the banking giant’s shares are down 0.5% to $23.18.
Why is the ANZ share price under pressure?
As well as being dragged lower by the broad market weakness, investors may have been selling shares due to the release of an announcement.
That announcement reveals that the bank’s chief financial officer, Michelle Jablko, has decided to leave the company. This follows her decision to take up a senior role at toll road operator Transurban Group (ASX: TCL).
Ms Jablko has been with the bank since 2016 and has been both its Chief Financial Officer and a member of the bank’s Executive Committee. She was also appointed a director of ANZ Bank New Zealand in March 2018.
ANZ’s Chief Executive Officer, Shayne Elliott, commented: “While we are disappointed Michelle is leaving, we respect her decision and wish her the best in her new role. Michelle can be incredibly proud of all she has achieved at ANZ.”
“As a highly strategic CFO, she has transformed our finance function while also being instrumental in the simplification and strengthening of the organisation. She will always remain a good friend of the bank and I personally thank her for her considerable contribution over the past four and a half years,” Mr Elliott added.
What now?
ANZ has advised that it will conduct an internal and external search for a replacement.
In the meantime, Ms Jablko will transition her duties over the coming months to current Group General Manager Internal Audit Shane Buggle, who will be appointed Acting Chief Financial Officer.
Mr Buggle has with the bank for over 20 years in senior finance roles and was Deputy Chief Financial Officer from 2012 until 2018.
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Motley Fool contributor James Mickleboro 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 Bruce Jackson.
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