New Zealand Superannuation (NZ Super) has appointed chief investment officer Matt Whineray as the acting CEO of the pension fund while Chinese tycoon Xie Zhikun-controlled private equity firm ZZ Capital International has appointed Zhang Yun as its new CEO.
NZ Super appoints interim CEO
New Zealand Superannuation (NZ Super) has appointed Chief Investment Officer Matt Whineray as the acting CEO of the pension fund as current CEO Adrian Orr leaves to take up his new role as Governor of the Reserve Bank of New Zealand in March.
In an announcement on Thursday, NZ Super said, the Board of the Guardians of New Zealand Superannuation, the manager of the NZ Super Fund, announced the interim appointment to staff on Wednesday.
Chair Catherine Savage said, the Fund had a strong and experienced leadership team which would manage the transition and continue the Fund’s momentum.
In January the board issued a Request For Proposals for an executive search firm to run the CEO recruitment process and submissions are still being reviewed. There will be a global search and the Board expects the CEO appointment process will take a number of months.
Whineray, who will be acting CEO from mid-March 2018, will be replaced for the period by General Manager of Portfolio Completion, Mark Fennell, who will become acting Chief Investment Officer for the duration of the recruitment process.
Chinese tycoon-backed PE firm ZZ Capital gets new CEO
Chinese shadow-banking tycoon Xie Zhikun-controlled private equity firm ZZ Capital International has appointed a new CEO Zhang Yun as the Hong Kong-based firm’s CEO Michael Cho is leaving the firm after less than two years in the role.
“CHO Michael Minkuk has tendered his resignation as an executive Director, the chief executive officer and the authorized representative of the company with effect from 15 February 2018 owing to relocation due to illness in the family,” a filing at the Hong Kong stock exchange said last week.
The firm further announced Zhang Yun, currently an executive Director, will be appointed as the CEO with effect from Thursday. Zhang, aged 32, joined the company and its subsidiaries in June 2016 as an executive Director, holds several directorships in certain subsidiaries of the group.
The top level change comes at a time when ZZ Capital, according to a Bloomberg report, is learnt to be preparing to dramatically scale back its operations. The report last month said that many senior executives at the firm were negotiating severance packages.