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Top executives on the move

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Two of New Zealand’s top corporate executives resigned last week in contrasting circumstances, leaving doubts as to whether there was more than the public was being told.

That was certainly true of ANZ chief executive David Hisco, who stepped down from his role at New Zealand’s biggest bank after an internal audit into his expenses spending — which included $50,000 for wine storage, without proper disclosures, and chauffeur-driven limousines for personal activity.

The interesting thing is the way ANZ tried what many believe was a cover-up. In May the company announced that Hisco was taking leave because of ill health, but the internal review had already started.

ANZ had the perfect man to weather this storm in former prime minister Sir John Key, who heads its board. It was a major test even for “Teflon John”, though, who was a friend of Hisco and sold him a house.

Hisco was a successful boss for ANZ New Zealand, the annual profit of which rose to $2 billion during his eight years in charge. That makes it all the more surprising........

© The Gisborne Herald