Former acting governor of the Reserve Bank, Rod Carr, is the new chairman of the central bank's board of directors, replacing Arthur Grimes.
Grimes is stepping down after 11 years as chairman.
Carr's appointment, an elected post, will take effect on September 19, the day after Grimes steps down.
Carr is vice-chancellor of the University of Canterbury, and was reappointed to the Reserve Bank Board in July 2012.
Carr was earlier managing director of Jade Software.
Before that Carr was Reserve Bank deputy governor from July 1998 to July 2003, and was acting governor for five months.
Married with four children, Carr spends his spare time swimming and running and has completed 18 international marathons on six continents in the past 10 years.
Leading up to his role at the Reserve Bank, Carr spent 11 years in commercial banking, including as a senior executive at the National Australia Bank in Melbourne.
The Reserve Bank board also re-elected Sue Sheldon as deputy chair, a position she has held since September 2009.
Governor Graeme Wheeler paid tribute to Grimes' contribution.
"Arthur has been an outstanding chair over the past 11 years, and we have benefited greatly from his expertise. A highly respected economist, Dr Grimes has brought intellectual rigour and sound judgment in chairing the board and monitoring the bank's performance."
Reserve Bank directors are appointed by the finance minister for five-year renewable terms.
Directors elect their chairperson and deputy chairperson from among their numbers for one-year terms.
The Reserve Bank said the board's main function was to monitor the performance of the governor and the bank on behalf of the minister.