New Zealand Names Former Deputy Governor Carr to RBNZ Board

New Zealand named former Reserve Bank deputy governor Rod Carr to the central bank’s board 10 years after he quit the No. 2 executive position.

“Carr has extensive experience, both in the banking industry and as a director,” Finance Minister Bill English said in an e-mailed statement announcing the appointment. Carr is currently vice-chancellor of University of Canterbury, and was previously chief executive officer at Jade Software Corp.

Carr was deputy governor from 1998 and served as acting governor for a five-month period in 2002 when Don Brash quit to enter politics. Carr, who worked in the banking industry before joining the RBNZ, was a contender for the top job, which went to Alan Bollard. Carr left to join Jade in July 2003.

The Reserve Bank of New Zealand’s board, which doesn’t have a role in monetary policy decisions, is responsible for monitoring the performance of the bank and the governor, according to the annual report. Last month, the board selected Graeme Wheeler, a former World Bank official who previously served in the nation’s Treasury department, to replace Bollard starting in late September.

Carr replaces Hugh Fletcher, who was deputy chairman. In March, the government reappointed Arthur Grimes as chairman until 2017.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net