ANZ's chief financial officer Shayne Elliott will step up as chief executive of the bank from the beginning of January 2016. He replaces Mike Smith (pictured), who spent more than eight years at the helm.Each of Australia's major banks have now picked an internal candidate as CEO in their most recent round of selections, a sign of competence and stability in the sector.ANZ picked outsiders as its last two CEOs, with Smith hired in 2007 from HSBC while John McFarlane joined ANZ from Citi in 1997.A Citi trained banker specialising in derivative sales, Elliott joined ANZ as head of institutional in 2009 from investment bank EFG Hermes. He became CFO in 2012.There is no foreshadowing of any renovation of ANZ's strategy in the promotion of Elliott as CEO."We see this as evolution, not revolution," David Gonski, chair of the ANZ board, told a media briefing yesterday.Speculation that ANZ may reconsider its approach in Asia, moreover, may be misplaced."The mark of any great company is its ability to reallocate its capital, part of its intellectual capital, if you like," Elliott said.Smith will stay on as a consultant to ANZ for some months next year.