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.
The post ANZ shares backtrack despite the bank bolstering its board appeared first on The Motley Fool Australia.
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More reading
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- Experts name 2 ASX dividend shares to buy with big fully franked yields
- Already down 7% in 2022, is the ANZ share price cheap?
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.
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