Gonski Leaves Future Fund Chair for ANZ Chair

David Gonski

David Gonski

David Gonski, the chairman of Australia’s largest sovereign wealth fund, will be stepping down as he plans to take on a new chair role. Gonski will be replacing John Morschel as chairman of Australia & New Zealand Banking Group Ltd (ANZ Bank) in May 2014. Gonski took over the role as chairman of the Future Fund in April 2012. As being the sovereign fund’s second chairman, his term at the Future Fund was due for expiration in April 2017. The decision to step down was to avoid any conflict of interest.

Peter Costello will take over as acting chairman of the Future Fund on January 11, 2014. Costello is the former treasurer of Australia and had been a board member of the sovereign fund since December 2009.

According the ANZ’s press release, ANZ Chairman John Morschel said: “David is one of Australia’s most respected business leaders and company directors. He knows ANZ well having previously served as a director from 2002 to 2007, and it is particularly pleasing to have someone of his calibre join the Board and to succeed me.”

David Gonski is ranked #19 on the Public Investor 100.

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