Neil Quigley, the chair of the Reserve Bank of New Zealand board, has resigned.
Finance Minister Nicola Willis announced that Quigley has submitted his resignation from both the board and his position as board chair, effective immediately.
The resignation followed five months of scrutiny regarding the sudden exit of former governor Adrian Orr.
“Mr Quigley has decided that having overseen a number of key workstreams for the bank, now is the appropriate time for him to hand over to a new chair,” Willis said.
Since Orr left, Quigley has been confronted with media enquiries and criticism concerning the management of the situation and the bank’s insufficient transparency.
“My concern was that the bank’s reputation was being impacted. He agreed with me that that was a serious matter,” Willis said.
“If he had not offered his resignation, I would have asked him for it,” she said.
Quigley stated that Orr’s sudden departure was a personal choice, but official documents from the bank released in June revealed that funding cuts caused Orr distress and that the deadlock threatened to harm the working relationship, leading to his resignation.
In April, the government announced that the Reserve Bank of New Zealand’s operating budget would be reduced by approximately 25% for the upcoming fiscal year and capped at NZ$150 million (US$88.07 million) annually for the next five years.
In response, the RBNZ announced plans to reduce its workforce by about one-fifth to save costs.
Deputy Chair Rodger Finlay will carry out the duties of chair until a new appointment is made.