ANZ National to look for new head

ANZ National has begun a search for a new chief executive after the surprise resignation of Jenny Fagg.

Ms Fagg, 45, will step down tomorrow for a leave of absence from ANZ Group to undergo treatment for cancer.

Deputy chief executive Steven Fyfe will stand in as acting chief executive pending the appointment of a permanent replacement.

Ms Fagg will undergo treatment initially in New Zealand before returning home to Australia with her family for further treatment.

Sir Dryden Spring, chairman of ANZ National Bank, said Ms Fagg had done an extraordinary job as chief executive. "The decision to step down has been a difficult one. However, her recovery and her family are her priorities and ours."

The board had been aware of Ms Fagg's condition since she was diagnosed, Sir Dryden said. When Ms Fagg returned to health she would probably be reassigned within the ANZ Group.

Ms Fagg took over the top job at the country's biggest bank last May after a year heading the two retail brands ANZ and National Bank.

Before transferring to New Zealand, Ms Fagg was ANZ's managing director of consumer finance. She holds a doctorate in management specialising in risk and joined ANZ in 2000.

- © Fairfax NZ News