Dame Jenny Shipley has announced her retirement as chair of China Construction Bank New Zealand (CCBNZ), just days after she was found responsible for her role in the collapse of construction company Mainzeal.
Dame Jenny is one of four company directors found by the High Court last month to have breached their directors' duties and trade recklessly. She's been ordered to pay up to $6 million.
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On Monday, CCBNZ said Dame Jenny will step down at the end of March in the best interests of the company.
"Dame Jenny intends to put her energy into dealing with personal and legal matters related to the Mainzeal case and to spending more time on her private business and philanthropic interests and to speaking here and offshore on a wide range of topics," a statement by CCBNZ reads.
"Dame Jenny noted that she deeply appreciated the support of her fellow directors however she feels that it is in the best interests of CCBNZ that she retires at the end of March."
Dame Jenny said she was extremely proud to have served on the board of CCBNZ since its establishment five years ago. Today CCB is the fifth largest bank in the world by market cap.