ANZ shares dip after the selection of new CEO amid investor concerns over strategic direction and leadership changes
Updated: Sep 4
ANZ has turned to former HSBC executive Nuno Matos to lead one of Australia’s biggest banks through a critical period of transformation, appointing the veteran international banker as chief executive from July 2025 as regulatory scrutiny and competitive pressures intensify.
Matos will succeed Shayne Elliott, who is retiring after nine years in the top job. The 57-year-old brings three decades of experience across retail, commercial and wholesale banking and most recently led HSBC’s Wealth and Personal Banking division before leaving the lender in August.
ANZ shares fell as much as 3.2% following the announcement, touching their lowest level since October as investors assessed what the external appointment could mean for the bank’s strategy and leadership team.
ANZ Chairman Paul O’Sullivan said, "Matos has an excellent track record of delivering change and transformation and bank integrations", highlighting capabilities that will be important as ANZ integrates its A$4.5 billion acquisition of Suncorp Bank.
The bank is also working through regulatory investigations surrounding its institutional banking operations and has been reviewing its non-financial risk management practices following misconduct allegations.
UBS banking analyst John Storey welcomed the decision to look outside ANZ for its next leader and said, "This brings a fresh perspective and a clean slate for the successor to make the necessary changes to the group’s operating model."
Matos previously held senior HSBC positions across Europe, Mexico and Latin America and worked at Santander before joining HSBC in 2015. His arrival will place renewed focus on ANZ’s operational overhaul, digital strategy and Suncorp integration as the lender seeks to improve performance after lagging its major Australian banking rivals in 2024.