The Financial Markets Authority is seeking a new CEO after announcing that Chief Executive Samantha Barrass will not seek reappointment when her five-year term concludes at the end of January 2027.
FMA Acting Board Chair Steven Bardy says in a statement that Barrass had advised the board at the end of last year that she was unlikely to seek a further five-year term, due to emerging family needs in the UK.
The authority says that since then, the board has been preparing the recruitment process for the Chief Executive for a new term and will shortly begin the recruitment process to appoint a successor.
Bardy says the board is grateful for Barrass’ leadership over the past four and a half years, and for her continued commitment to the FMA through the remainder of her term.
He says Barrass has “…provided strong leadership through a period of significant expansion for the FMA, including the implementation of the Conduct of Financial Institutions regime. Her regulatory experience has been invaluable as the FMA has navigated a challenging global environment and prepared to take on credit regulation.”
Barrass says it has been a privilege to lead the FMA as it focused on ensuring financial services deliver the best possible outcomes for New Zealanders.
“I will provide my full support to the board and the organisation to ensure a smooth handover to the next Chief Executive. There is much to do as we continue to deliver against the priorities in our Financial Conduct Report.”
The statement says the announcement is being made now, following confirmation of Barrass’s decision “…to allow sufficient time for a robust recruitment and transition process.”
Also see: FMA Chair Resigns.