Nuno Matos to succeed Shayne Elliott as ANZ CEO

News Release



ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
For Release: 9 December 2024
Nuno Matos to succeed Shayne Elliott as ANZ CEO

The Board of ANZ Group today announced that Nuno Matos will become Chief Executive Officer on 3 July 2025,
succeeding Shayne Elliott who is retiring from ANZ after nine years in the role.
Mr Matos will also be appointed to the boards of ANZ Group Holdings Limited and Australia and New Zealand
Banking Group Limited as an Executive Director.
ANZ Group Chairman Paul O’Sullivan said: “We are very pleased an international banker of Nuno’s calibre and
extensive experience will be joining ANZ as our new Chief Executive to lead the execution of our strategy.”
With more than 30 years’ experience across retail, commercial and wholesale banking, Mr Matos, 57, was most
recently CEO of Wealth and Personal Banking at HSBC where he was responsible for 87,000 employees serving
approximately 40 million customers across 35 markets.
Mr Matos joined HSBC in 2015 from Santander where he was most recently Global Head of Consumer in its Retail
and Commercial Division. At HSBC Mr Matos held senior roles including Chief Executive Officer of HSBC Bank plc
and HSBC Europe, where he oversaw the transformation of its European business. He had previously also served
as CEO Mexico, one of HSBC’s largest markets, and Regional Head of Retail Banking in Latin America.
Mr Matos began his career as an analyst in the banking supervision department of Banco de Portugal. He has
worked in many different markets including Hong Kong, the United Kingdom, the United States, Spain, France,
Brazil, Mexico and Peru.
Mr Elliott, who will step down as Chief Executive Officer and Executive Director on 2 July 2025, first joined ANZ in
2009 having also served as Global Managing Director Institutional and the Group’s Chief Financial Officer.
Mr O’Sullivan added: “Nuno’s appointment is the culmination of long-term systematic work by the Board on
leadership succession. Having assessed multiple external and internal candidates, we know Nuno is the right
person to build on the transformation already well progressed under the leadership of Shayne and his team.
“Critically, Nuno has led several bank business, risk and technology transformations, which will be a significant
benefit as we prepare to scale the migration of customers, including those from Suncorp Bank, across to ANZ
Plus as well as supporting our focus on non-financial risk.
“The bank is in a strong position and this orderly leadership transition ensures ANZ will continue to deliver for
customers, shareholders and staff in the years to come,” Mr O’Sullivan said.
Mr Matos said: “I’ve long admired ANZ, particularly under the stewardship of Shayne, and it’s an honour to have
been chosen by the Board to lead the next phase of ANZ’s evolution.
“The ANZ franchise has a unique competitive position with two scale domestic markets, a leading Institutional
banking franchise, and thanks to the work over recent years it now has its two world-class platforms in ANZ Plus
and ANZ Transactive. My initial focus will be to build on the work already underway and ensure all our stakeholders
get even better value from their relationship with ANZ,” Mr Matos said.
Commenting on Mr Elliott’s contribution, Mr O’Sullivan said: “Shayne led the critical transformation that will be the
cornerstone of ANZ’s long term success.
“He was the first CEO to identify the need for simplification, later becoming a mantra for the industry. He
rebalanced our portfolio to materially improve the capital efficiency and focus of the Group while also making our
business less complex and safer to manage.
“Under Shayne’s leadership, ANZ now has one of the world’s leading institutional businesses, a new retail bank
platform built on industry-leading technology and a culture focussed on helping customers and communities
thrive.
“He will be long remembered as a CEO that embedded a purpose-led strategy, setting ANZ on the path to long-
term, sustained success. The entire ANZ team thank him for his service and wish him well for the future,” Mr
O’Sullivan said.
Mr Elliott said: “Leading ANZ over the last nine years has been the highlight of my career. I’m proud to be leaving
the bank in such a strong position, particularly the work we have done to simplify the business, transforming
institutional into one of the world’s best and preparing our retail bank for the future. The recent Suncorp Bank
acquisition will also benefit ANZ for years to come.

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
“We have a great team that care deeply about their customers and I will be working hard to ensure our multi-year
strategy continues with urgency over the next seven months. I’m confident ANZ has a great future and I wish
Nuno every success in his new role,” Mr Elliott said.
Mr Matos’s career history is set out in Attachment 1. The material terms of his appointment are set out in
Attachment 2 to this announcement.
Mr Elliott’s leaving entitlements are summarised in Attachment 3.




For media enquiries contact:

For analyst enquiries contact:
Stephen Ries
Group General Manager, Corporate Communications
Tel: +61 409 655 551
Jill Campbell
Group General Manager, Investor Relations
Tel: +61 412 047 448

Lachlan McNaughton
Head of Media Relations
Tel: +61 457 494 414
Cameron Davis
Executive Manager, Investor Relations
Tel: +61 421 613 819
Approved for distribution by the ANZ Group Holdings Limited Board

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
Attachment 1 : Nuno Matos Career Summary

HSBC
2021 – 2024: Chief Executive Officer, Wealth and Personal Banking
2020 – 2021: Chief Executive Officer, HSBC Bank plc and Europe
2015 – 2020: Chief Executive Officer, HSBC Mexico
2015 – 2017: Head of Consumer Banking and Wealth Management for Latin America
2015 – 2015: Global Head of Small Business Banking

Santander
2014 – 2015: Global Head of Consumer
2009 – 2014: Head of Retail Banking and Business Banking (Santander US)
2005 – 2009: Head of Cards & Acquiring (Brazil)
2002 – 2005: Controller for Global Banking & Markets and Commercial Banking (Brazil)
2000 – 2002: Head of Operations and MIS – Treasury Europe
1998 – 1999: Controller – Santander Investment Peru
1994 – 1997: Head of Finance and Risk – Santander Investment Portugal

Universidade Catolica Portuguesa
1994 – 1997: University Teacher, Financial Institutions Management

Banco de Portugal (Central Bank of Portugal)
1990 – 1994: Supervisor Analyst – Banking Supervision Department

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
Attachment 2: Summary of material Employment Terms for incoming CEO, Mr Nuno Matos

Position Chief Executive Officer and Executive Director
Commencement
date
3 July 2025
Term
No fixed term. Ongoing until terminated by either party in accordance with the Employment
Agreement (see ‘termination of employment’ below).
Remuneration
components
Mr Matos’ remuneration package will be the same as the current CEO’s remuneration
package:
• fixed remuneration of $2,500,000 per annum (including superannuation), reviewed
annually;
• short term variable remuneration (STVR) target 80% of fixed remuneration, with a
potential maximum of 100% of fixed remuneration; and
• long term variable remuneration (LTVR) annual maximum opportunity at 135% of fixed
remuneration. The LTVR award equally comprises of restricted rights and
performance rights.
For FY2025:
• Mr Matos will participate in the FY2025 STVR plan, with the award pro-rated from the
commencement date; and
• Mr Matos will not receive a FY2025 LTVR award, however ANZ will seek approval
from shareholders at the 2025 Annual General Meeting to ‘top up’ Mr Matos’ FY2026
LTVR award by an additional 3 months in recognition of his commencement as Chief
Executive Officer in FY2025. Participation in, and the operation of, future STVR and/or
LTVR awards is subject to Board discretion and any necessary shareholder approvals.

Further details of ANZ’s remuneration framework, including the STVR and LTVR award terms,
are outlined in the 2024 Remuneration Report.
Relocation
Mr Matos and his immediate family will be entitled to relocation benefits to support his
relocation from Hong Kong to Melbourne.
Termination of
employment
Either party may terminate the Employment Agreement by giving 12 months’ notice. ANZ may
require Mr Matos to serve out the notice period or may elect to pay in lieu of working out the
notice period.
ANZ may summarily terminate Mr Matos’ employment without notice in certain
circumstances (including serious misconduct).
Post-employment
restraint
A 12 month post-employment restraint provision applies.
Other
The Employment Agreement contains general provisions relating to compliance with ANZ
policies, leave entitlements, intellectual property and confidentiality.

ANZ Group Holdings Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 16 659 510 791
Attachment 3: Summary of leaving entitlements for Mr Shayne Elliott

Transition timing
Mr Elliott will cease as Chief Executive Officer and Executive Director on 2 July 2025. He will continue to provide
handover support for the period to 30 September 2025, at which time his employment with ANZ will cease.

Benefits
Mr Elliott will receive his normal remuneration through to the end of his employment with ANZ (including fixed
remuneration and participation in the FY2025 STVR), except that his FY2025 LTVR will be pro-rated to reflect the
portion of the year he will serve as Chief Executive Officer (i.e. 1 October 2024 to 2 July 2025). Shareholders will be
asked to approve the pro-rated FY2025 LTVR award at the upcoming Annual General Meeting on 19 December
2024.
Mr Elliott will retain unvested deferred STVR and LTVR awards in accordance with the terms of those awards,
including relevant performance measures, restriction periods and adjustment provisions.
In accordance with his contractual arrangements, Mr Elliott will also be entitled to 12 months’ notice and accrued
statutory leave entitlements.