This brings recent CEO departures to four, following hot on the heels of Barbara Chapman leaving ASB, Anthony Healy leaving BNZ, and Paul Brock leaving Kiwibank.
Murphy has held the reins at TSB for almost ten years, having spent 40 years within the company in other roles. He says that the timing is right for a change.
“The decision to retire from the bank has been a difficult one but I feel the time is right having completed a number of initiatives that lay the foundations for the bank’s ongoing success” he says.
Murphy steered TSB through some major developments, including the acquisition of Fisher Funds and the rebranding of TSB as it evolves to a nationwide bank.
John Kelly, Chairman of the TSB Board, says that while they have known of Murphy's intentions for awhile, his dedication to his role meant he waited until after these milestones to leave the bank. He says he is very grateful for the commitment Murphy has made to the bank throughout a period of significant change. TSB is now the sixth largest bank in New Zealand, having moved from a regional mainstay to the wider market.
He will vacate the position on January 31, 2018, and its not expected the CEO role is not expected to be filled before this time. Until then, TSB Director Murray Bain will act as interim Managing Director to ensure a painless transition.
Murphy is at pains to say that he hasn't "retired from life" and looks forward to continued community work and taking up Directorship opportunities.