Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler said he will not seek a second term leading the country's central bank and will quit when his five-year term ends on Sept. 26.
"It has been a great privilege to serve in this role, and in the remaining eight months I will remain fully focused on the economic challenges and opportunities facing the New Zealand economy," Wheeler said in a statement.
"It was my intention, when I was appointed, to serve one term, and then to take on governance roles."
Wheeler, 65, earlier worked at Washington-based World Bank from 1997 until 2010, and then until 2012, he ran his own advisory business in the US. A graduate of University of Auckland, he began his career working at the New Zealand Treasury in 1973.
"The Government has advised the Board that, because of the proximity of the General Election this year, the Board's recruitment process to identify a successor to Mr Wheeler needs to commence later in the year, and an acting Governor would be appointed to cover the post-election caretaker period, the statement said, referring to the September 23 national ballot.
Finance Minister Steven Joyce said, "on the Board's recommendation", he was announcing the appointment of Grant Spencer, deputy governor and head of financial stability, for a six-month period after Wheeler departs.
Spencer "had indicated his intention to retire this year but has agreed to defer in order to fill the acting role," the statement said.
Spencer, who also serves as chair of the OECD Committee on Financial Markets, earlier worked between 1995-2004 with Australia and New Zealand Banking Group "holding senior management roles in treasury and strategy in New Zealand and Australia".
