New RBNZ Governor announced

Robertson says he made the appointment following the Reserve Bank Board’s unanimous recommendation to him.

“I’m delighted the Board has been able to secure a Governor with such a strong track record of delivery and public service.

“Mr Orr has the technical and leadership qualities required to be Governor and CEO of the Reserve Bank.

“Further, I consider that he has the skills necessary to successfully lead the Bank through a period of change.”

Orr has been CEO of the NZ Super Fund since 2007. Prior to that he was Deputy Governor and Head of Financial Stability at the Reserve Bank from 2003 to 2007.

He also served as Westpac’s chief economist from 2000 to 2003 and has held roles at the National Bank of New Zealand, the Treasury, the OECD and the New Zealand Institute of Economic Research.

Reserve Bank Chairman Professor Neil Quigley says the Board is pleased to be able to recommend a candidate of Mr Orr’s experience.

“Adrian Orr has a significant breadth of knowledge across central and commercial banking, economics, financial markets and regulation.

“The Board agreed unanimously that he can bring to the role of Governor of the Reserve Bank strong leadership and commitment to ensure the Bank is fit for its wide role in the New Zealand economy.”

Orr will assume the Reserve Bank governorship for a five-year term at the completion of Acting Governor Grant Spencer’s term.

Robertson says a Policy Targets Agreement (PTA), which will take into account the direction of the government’s review of the Reserve Bank Act, will be signed with Orr before he takes up his appointment in March.