By Jonathan UnderhillKiwibank chairman Rob Morrison and deputy chair Rhoda Phillippo have resigned, with current director Susan Macken named as Morrison's replacement. But it also comes hard on the heels of their decision along with existing shareholder NZ Post, announced last week, to pump in an additional $247 million to ensure the bank's capital stays within the regulator's limits. Morrison joined Kiwibank's board in 2011 but Phillippo is a relative newbie, having become a director last year. The board will appoint a new deputy chair. Macken is a former director of Bank of New Zealand and her other current boardroom positions include deputy chair of Tamaki Redevelopment Co and director of the Treasury's advisory board.

Source: New Zealand Herald April 09, 2017 21:45 UTC