Reserve Bank makes three new appointments to executive leadership team

The Reserve Bank is undergoing an expanded and refreshed structure of its Executive Leadership Team. Photo / NZME

The Reserve Bank of New Zealand has made three new appointments to the executive leadership team as it faces questioning over a series of senior staff departures.

Sarah Owen, Kate Kolich and Greg Smith will join the Reserve Bank as assistant governors, governor Adrian Orr announced today.

The Reserve Bank is undergoing an expanded and refreshed structure of its Executive Leadership Team (ELT) as it seeks to bolster its overall capability and capacity.

"These appointments are key to strengthening our leadership team and supporting the future strategic direction of Te Pūtea Matua, as we move to a new statutory governance board in 2022," Orr said.

Orr has been forced to defend workplace relations at the central bank and his leadership style when he was grilled yesterday by Opposition MPs before the Finance and Expenditure Committee following the recently announced departures of four long-serving staff.

But Reserve Bank chairman Neil Quigley today expressed confidence in Orr's handling of the bank's restructure when approached by the Herald, calling staff turnover "unfortunate but normal".

"The Reserve Bank is going through a change process designed to provide it with the capability it needs for its current and anticipated future operations. I have complete confidence in the Governor's leadership of this change process," Quigley, the vice-chancellor of University of Waikato, said.

"The change is fundamental and has affected a large number of roles within the bank. It is therefore not surprising that some staff have chosen to leave the bank as a result, this being an unfortunate but normal outcome of such processes."

Kolich will take up the new role of assistant governor and general manager of information, data and analytics in February.

"Kate brings with her a wealth of senior leadership experience within data and analytics. Most recently, she has been leading the Evidence, Insights and Innovation group at the Energy Efficiency and Conservation Authority," Orr said.

"The role will ensure that the bank's information and data strategy, policy, and processes are future-focused and robust to support evidence-based decision-making across the bank."

Kolich also has almost 20 years of financial services experience leading data teams at Bank of New Zealand.

Owen will join in March as the Reserve Bank's first assistant governor and general manager of risk compliance and legal services. She will also be the bank's chief risk officer, chief privacy officer and anti-money laundering officer.

Owen joins from the Guardians of NZ Superannuation where she is part of the senior leadership team as general counsel and general manager of corporate strategy.

"She will look after our risk, compliance and legal services functions," said Orr. "This will include leading the ongoing development of our fit-for-purpose Enterprise Risk and Compliance Framework for RBNZ and will ensure we are risk-conscious across all our functions. We are pleased to have someone of her calibre join us at Te Pūtea Matua."

Smith, who has been the acting head of risk at the Reserve Bank since July 2021, will take up the new role of assistant governor and general manager of finance and commercial operations.

Smith is a chartered accountant with an extensive background in finance and professional services. He was the former chief financial officer of NZX-listed Steel & Tube Holdings.

"Greg will be leading our finance and commercial operations group. He will also oversee the framework for commercial procurement, the deposit insurance scheme, asset management, and our property and facilities strategy," said Orr. "Since joining the Bank, Greg has been involved in crucial bank-wide projects that have risk intersects, such as the Reserve Bank Act implementation."

The recruitment of the remaining ELT role - assistant governor and general manager of money group - is ongoing, with further announcements expected in early 2022.