Sir John Key steps down as ANZ chair

Former Prime Minister Sir John Key has announced his retirement as chair of New Zealand's largest bank ANZ. 

Sir John took up the role six years ago, after serving as New Zealand's 38th Prime Minister from 2008 until 2016. 

In a media release, Sir John said he was proud to play his part at ANZ. 

"While it's the right time right time for me to step back on my commitments, I know ANZ is in a strong position." 

ANZ Group chairman Paul O'Sullivan said the board will miss Sir John's "wise counsel, global insights and good humour". 

Sir John is being replaced by a businessman called St John. 

The new chair of ANZ New Zealand, Scott St John, is a current board member. He also chairs the electricity company Mercury NZ and Paykel Healthcare and serves on the board of Fonterra and Next Foundation. He was also Chancellor of University of Auckland from 2017 to 2021. 

Sir John Key finishes on March 14.