Co-Operative Bank CEO moves on

McLachlan will be taking up a leadership position with another, as yet unspecified, New Zealand business.

He will remain as chief executive of The Co-Operative Bank until a date yet to be agreed in early 2017 and the board will make an announcement on its succession plan at a later date.

The Co-Operative Bank’s chairman Steven Fyfe said McLachlan had provided exceptional leadership in the four years he had been at the helm of the bank.

“Bruce has led the bank with distinction, flair and skill, and elevated both the market and financial position of the bank.

“Everyone at the bank wishes Bruce every success with his new appointment.”

McLachlan was appointed as The Co-Operative Bank’s chief executive in 2012, not long after the bank gained its banking license.

Prior to taking up the position, he spent 10 years at Westpac NZ.

In his time at Westpac NZ, he had roles leading the bank’s business banking unit and its retail banking customer facing business.

He was also the bank’s acting chief executive for nine months in 2008-09.

In his 30 year career in financial services, McLachlan has worked at the National Australia Bank, the BNZ, BNZ Finance and the Reserve Bank.