From bitumen to banking
Bank of New Zealand reduced its executive committee to six from nine and hired an executive with no banking experience as chief operating officer.BNZ said on Friday it will combine its strategy and marketing unit with its banking delivery services division.The newly combined division will be headed up by Stephen Mockett as chief operating officer. Mockett, a Christchurch born executive, has returned to New Zealand after four years in Australia.Blair Vernon, the current general manager of strategy and marketing will leave the bank next Friday after 13 years, BNZ said. The bank said BNZ Capital and BNZ Partners would also combine into one business unit and the head of that unit had yet to be named.BNZ said Mockett was executive general manager corporate services and general counsel for engineering services group Downer EDI in Australia. His main operational job at Downer was running the bitumen supply division.Earlier in his career Mockett worked in management consulting roles for Morgan & Banks New Zealand and also Watson Wyatt. He was a co-founder and director of The Swann Group New Zealand Ltd, a business advisory firm.Interest.co.nz