Black to chair Rabobank NZ

Black, who retired last year after 13 years as chief executive of rural insurance group Farmers Mutual Group (FMG), replaces Andy Borland who steps down in November.

Rabobank says Black has considerable governance and executive experience, with a strong background in rural insurance, banking and investment management.

Black will be an observer at the next Rabobank New Zealand board meeting later this month and will formally join the board at its November meeting.

Borland, who is managing director of diversified agribusiness Scales Group, joined the Rabobank New Zealand board in 2016 and became chair in April 2020. Announcing the changes, Rabobank Group's managing board member, Berry Martin, says the notice Borland had provided of his intention to step down would ensure a smooth transition for both the board and Rabobank's New Zealand business.

"We are fortunate to have someone of Chris's considerable experience in a mutual and cooperative setting and a strong background in the rural sector joining the New Zealand board," Martin says.

"I also wish to acknowledge Andy's significant contribution to our New Zealand board over the past six years. His in-depth knowledge of agribusiness and banking and finance has been of enormous value, and I want to thank Andy for his leadership of our New Zealand board since 2020."

Black, who is a chartered accountant, began his career in the public sector. He later worked in the financial sector, including at CitiGroup and UBS in the United Kingdom. Returning to New Zealand, Black spent nearly 15 years with Bank of New Zealand and its parent company National Australia Bank in a number of senior general management, specialist risk, and merger and acquisition roles. During his 13 years as chief executive of FMG, Black oversaw a significant increase in FMG's market share and growth in its brand profile.

He recently joined the board of the two core entities at Southern Cross and was appointed chair of the Earthquake Commission and a trustee of the Mental Health Foundation. Black was previously president of the Insurance Council of New Zealand and on the board of the Insurance & Financial Services Ombudsman Scheme.