Transition plans are now in place
Adrian Orr will conclude his tenure as governor of the Reserve Bank of New Zealand on March 31, according to an announcement released today by the central bank.
The departure marks the end of Orr's seven-year leadership period that began in March 2018. Under his guidance, the RBNZ navigated through turbulent global economic challenges including the COVID-19 pandemic, inflation surges, and rapid technological changes in the financial sector.
"I'm incredibly proud of the RBNZ's people, our work and the impact of our efforts on all New Zealanders," Orr stated in his resignation announcement.
His term saw the implementation of institutional reforms, including the new Reserve Bank Act, Deposit Takers Act, and the establishment of a Depositor Compensation Scheme.
The bank also launched strategic initiatives focused on digital currency exploration, payment system modernization, financial inclusion strategies, climate change response measures, and improving Māori access to capital.
During Orr's leadership, the RBNZ upskilled itself in digital infrastructure, data systems, and technology while strengthening its balance sheet capital. These improvements positioned the bank to better respond to increasingly complex global economic conditions and financial market developments.
"Adrian departs with inflation now back within target range and the economy recovering from COVID disruptions," said professor Neil Quigley, RBNZ board chair. "He has transformed the bank's leadership structure and internal culture to better represent contemporary New Zealand society."
The transition plan includes deputy governor Christian Hawkesby serving as acting governor through March 31.
Beginning April 1, a temporary governor will be appointed for up to six months based on the RBNZ board's recommendation to the minister of finance. Hawkesby will also assume responsibility as chair of the Monetary Policy Committee during this transition period.
Orr said that several major multi-year initiatives remain in progress, noting that "ongoing focus and funding will be critical to these projects' success."
The search for a permanent replacement is expected to commence immediately.
