FNZ chief executive steps down

FNZ chief executive Blythe Masters has resigned after two years in the top job as Stephen Welch assumes the role of executive group chair and interim chief executive.

Masters will continue to support FNZ in an advisory capacity for six months to help ensure an orderly leadership transition. The board has begun the process to identify a permanent group chief executive.

FNZ said Welch's appointment reflects the board's commitment to accelerating the execution of its strategic transformation programme, improving client delivery and supporting the group's progress towards long-term profitable growth.

The wealth management firm added the board and Masters believe this leadership transition best supports the next phase of that journey.

"FNZ has a strong business, a clear strategy, market-leading technology and an exceptional client portfolio," Welch said.

"I look forward to working closely with colleagues across the group as we continue to execute our transformation programme, improve delivery for clients and build on the significant progress already made."

FNZ said its strategy remains unchanged and the group will continue to focus on its core wealth management platform, improving the quality and consistency of client delivery, and transforming its operating model to drive efficiency and sustainable, profitable growth.

The board thanked Masters for her contribution to FNZ over the past two years.

"During her tenure, FNZ has made substantial progress executing its transformation programme, strengthening its financial position, advancing key regulatory priorities, simplifying the group through the divestment of non-core assets and continuing to grow assets on the platform, which now exceed NZ$2.5 trillion," FNZ said.

Welch thanked Masters for her leadership as well.

"FNZ enters this next chapter as a stronger and more focused organisation, and I am confident in the opportunities ahead for the business, our clients, our shareholders and our people," he said.