Connections count at ANZ

ANZ has recruited people with connections - and even a former banker - to its board ranks, though the former banker is a former executive of ANZ.

Rod Eddington, chair of Infrastructure Australia, will take over as chair of ANZ late next year. He won't join the board until around March 2009. Charles Goode, the current chair, still has not set his retirement date and may try to delay it until 2010.

Eddington, who is currently on the board of JP Morgan Australia, will presumably give up that post. Eddington is also a director of Allco Finance Group, which is in the process of costing some other banks, but not ANZ, several hundred million in bad loans.

Lee Hsien Yang - from the Singapore political and business dynasty - will join the board from February.

The one-time banker joining the board is Alison Watkins, a former consultant with McKinsey who served as head of strategy at ANZ in 1999 before switching to run part of the retail network. Watkins is currently chief executive of fund manager Bennelong Group after working for six years in several consumer brands businesses.

The final new recruit is Peter Hay, a former chief executive of Freehills.

Jerry Ellis and Margaret Jackson will both retire from the board next year.