NZ Super appoints inaugural chief operating officer

The Guardians of New Zealand Superannuation, manager of NZ Super Fund, has promoted Paula Steed to the newly created position of chief operating officer.

The appointment combines Steed's current role of general manager technology and general manager strategy and shared services.

A spokesperson has confirmed both general manager roles will be dissolved upon the appointment.

As the inaugural chief operating officer, Steed will be responsible for the organisation's investment operations, financial control, financial reporting, tax, external audit process, and corporate strategy.

Steed will also spearhead its business solutions, cloud operations, data technology, cyber security, and service desk, the fund said.

Steed joined the super fund as its general manager in finance and investment operations in 2021. She was also the general manager in strategy and shared services in 2022 and the acting chief executive between December 2023 and April 2024.

Before joining the Guardians, Steed had a 25-year career in financial services and banking, including various executive and general management roles with AMP, ANZ and ASB Bank.

NZ Super chief executive Jo Townsend said Steed's appointment will help consolidate the fund's operational management.

"Combining these business units will help break down operational silos and create a clearer line of sight between our strategic priorities and their execution," Townsend said.

"Paula's skill set makes her the ideal person to take on this role."

The appointment follows NZ Super's recent recognition of becoming the world's best-performing sovereign wealth fund over the past 20 years, according to GlobalSWF's annual rankings.

In FY24, the fund reported a mammoth return of 14.94%, outperforming its benchmark by some 9.3%.