Just a brief post on Mike Smith’s appointment to head the ANZ. It is good that they have acted early to replace McFarlane, but there must be at least a few disappointed internal candidates. Headhunting externally is normally a sign that either an organisation is in crisis and / or internal succession planning has failed. It may also (more rarely) mean that there is a compelling case for a particular person.

As the ANZ does not appear to be in crisis then it means that either the internal candidates were considered not up to it or that Mike Smith brought something special. Either way, look for an exodus of senior people at the ANZ over the next few months as they gradually find job

s elsewhere.