Knowles quits as CEO of KiwiBank   26 May 2010

Businesswire – Sam Knowles, the chief executive of State-owned lender Kiwibank, resigned after 10 years in the job in the same week that the government flagged the potential sell-down of its holding in the bank.

“Now is the right time to look for new challenges,” Knowles said. KiwiBank’s scheduled a media conference at 11 a.m., with chairman Jim Bolger, New Zealand Post CEO Brian Roche and Knowles attending. Bolger is also set to depart, marking a changing of the guard at the top of KiwiBank.

Prime Minister John Key said this week the government would consider a potential partial float of the bank to “mum and dad investors.” Knowles helped set up the bank, which was part of the Labour-Alliance coalition agreement in the last administration’s first term, and was launched in 2002.

“A small, dedicated team created the original business case for the bank to operate through the New Zealand Post network and the plans snowballed to what we have today – a very successful bank that is a credit to all involved,” Knowles said in a statement.

Kiwibank faces tougher capital requirements to comply with stricter central bank rules for lenders. It has been in growth mode as it picks up customers from Australian-owned rivals.

Key said the government would campaign at the next election on a specific mandate if it wants to pursue asset sales, and confirmed the government would probably hold on to a majority stake if the bank was flogged off.

Kiwibank raised $150 million through a preference share issue on the NZX, of which Knowles holds 50,000, according to a note to the stock exchange yesterday.

The Trans-Tasman newsletter tipped former Finance Minister Michael Cullen as Bolger’s replacement to head up the boards of New Zealand Post and Kiwibank. Cullen was appointed the board of NZ Post last year.

(BusinessWire)

Add a comment

Bookmark and Share

News

NZ Election 2017: Labour’s plan to unlock Canterbury’s potential

28 Aug 2017 News
Jacinda Ardern on August 28, 2017 Christchurch’s rebuild will be fast-... more

Updated plan to address Auckland’s growth

11 Aug 2017 News
11 August 2017 Transport Minister Simon Bridges has released a joint report by the Government and Auckland Council, which updates work... more

Business

Rocket launch a huge step for New Zealand’s space industry

25 May 2017 Business News
25 May 2017 Minister for Economic Development Simon Bridges has congratulated the team at Rocket Lab on the successful launch of... more

Increased investor confidence welcomed

29 May 2017 Business News
29 May 2017 Commerce and Consumer Affairs Minister Jacqui Dean today welcomed the Financial Markets Authority annual survey results... more

Living

London Cafes to Soothe Kiwi Homesickness

24 Nov 2017 London By Emma Creese
Exploring the world is a big draw for Kiwis to take an OE, but everyone moves their lives 18,000km from home not even thinking... more

New London venue and new look for New Zealand Annual Tasting

24 Nov 2017 Food & Wine
New Zealand Winegrowers will hold their Annual Trade Tasting in January at a new venue, and with it a new look and features for... more

Property

New Zealand Housing Affordability Measure released

10 May 2017 Property
10 May 2017 The Ministry of Business, Innovation and Employment’s (MBIE) new Housing Affordability Measure will allow the market... more

NZ house prices gain 11% in October

14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more

Migration

Suspension of decision making authority

25 Apr 2017 Migration
24 April 2017Immigration Minister Michael Woodhouse is taking steps to improve Immigration New Zealand’s decision making... more

Recognised Seasonal Employers employ more Kiwis

8 Feb 2017 Migration
7 Feb 2017 Immigration Minister Michael Woodhouse welcomes a report showing the vast majority of employers who take on seasonal... more

Travel

NZ Election 2017: Tourism fund for infrastructure and conservation

28 Aug 2017 Travel & Tourism
Tourism fund for infrastructure and conservation Posted by Kris Faafoi on August 28, 2017 more

International visitors projected to spend $15 billion

12 May 2017 Travel & Tourism
12 May 2017 New Zealand’s tourism sector is forecast to grow significantly over the next seven years, with international... more

Sport

Last chance to see All Blacks v Barbarians - Twickenham, this Saturday 4 November

1 Nov 2017 Rugby
Expect some fireworks this Saturday at Twickenham for the Killik Cup when the Barbarians take on the Double... more

All Blacks v Barbarians at Twickenham, 4 November - under a month to go! £55 tickets!

17 Oct 2017 Rugby
The Barbarians will kick start the Autumn Internationals and take on the Double World Champions and... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

Law Commissioner appointed

29 May 2017 Appointments
29 May 2017 Former Secretary for Justice Belinda Clark has been appointed as Law Commissioner, Justice Minister Amy Adams announced... more

Spencer to be Acting Governor of Reserve Bank

8 Feb 2017 Appointments
7 Feb 2017 Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of... more

Recruitment

Online job ads continue growing strongly

26 Jun 2017 Recruitment
23 June 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith says the latest Jobs Online report shows strong growth... more

New employment resource for young people

1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more

s