Leadership change for TSB
TSB’s Chief Executive Officer and Managing Director, Kevin Murphy, is to retire from the bank having been in the role for nearly a decade and with the company for nearly forty years.
TSB Chairman John Kelly says the Board is grateful to Mr Murphy not only for his huge contribution to the business over many years but also for his willingness to stay on as CEO to see through recent significant milestones.
“Mr Murphy has for some time signalled to the Board his intentions. However, he has put that to one side in the interests of the business, to assist with TSB Community Trust’s acquisition of Fisher Funds and to complete TSB’s recent rebrand. This reflects the dedication and passion for TSB and the community that he is known for,” says Mr Kelly.
TSB’s rebrand, which was unveiled last month, is designed to reflect its continued evolution from a local Taranaki bank to a truly nationwide bank. It is now the sixth largest bank in New Zealand with branches across the country and a recognised leader in providing outstanding customer service.
Mr Murphy says that as well as the nationwide growth he has overseen as CEO, he especially values the opportunities he has had in this role. As someone who has lived almost his whole life in the Taranaki region, it’s been a privilege to build and maintain the bank’s relationships with the local community.
“The decision to retire from the bank has been a difficult one but I feel the time is right having completed a number of initiatives that lay the foundations for the bank’s ongoing success” said Murphy. Murphy adds that he is retiring from the bank but not from life itself. He intends to continue his existing community involvement and after enjoying a summer he intends to pursue Directorship opportunities.
An executive search is underway for a new Chief Executive however it is not anticipated this process will be completed before Mr Murphy leaves on 31 January 2018. Current TSB Director, Murray Bain, will take up an appointment as Interim Managing Director to ensure continuity and a seamless transition for employees and customers. Mr Bain has significant banking experience with a community orientated bank as well as time as Assistant Governor of the Reserve Bank of New Zealand.