Westpac NZ has lost another of its senior team members, with the announcement that long-time Westpac executive Karen Silk is moving to the Reserve Bank of New Zealand to take on the role of Assistant Governor / General Manager of Economics, Financial Markets and Banking.

Silk will replace Christian Hawkesby in the role, as a result of his elevation to RBNZ Deputy Governor. Her start date has yet to be confirmed. 

Her departure from Westpac follows that of former acting CEO Simon Power, who is leaving the bank to take up the top spot at TVNZ. Both he and Silk were said to be in the running for the job of Westpac CEO, which was eventually taken by expat New Zealander Catherine McGrath towards the end of last year.

Silk's appointment at RBNZ means all eight executive leadership roles are now filled following its organisational restructure and flood of resignations of senior staff. Recruitment is still underway for a new Director of Economics / Chief Economist, to replace Yuong Ha, who leaves in March.

The RBNZ also announced the appointment of Nigel Prince to a newly-created fixed term position of Strategic Advisor to the Governor. Prince, who will be a member of the Executive Leadership Team (ELT) has been RBNZ’s Business Services Improvement Programme director for the last year.