Sir Dryden Spring is to retire as chairman and director of ANZ National Bank.
He steps down on June 22, when director John Judge will take over.
Spring was a director of The National Bank of New Zealand from 1994, and continued on the board when it amalgamated with ANZ National Bank in 2004. He was appointed chairman in 2006.
Judge is currently audit committee chairman and has been a member of the board since 2008.
He has a number of directorships and board memberships including being a director of Fletcher Building, chairman of ACC and is an advisory board member of the University of Otago Business School.
The news came as ANZ New Zealand announced a 13 per cent increase in underlying profit for the six months to March 31, compared with the same period last year.
The bank's New Zealand operations made an underlying profit of $684 million for the half year, up from $605 million in the 2011 half.
However, once adjustments of $69m for non-cash and significant items are taken into account the bank made a reported profit of $615m, up 29 per cent from $478m in March 2011.