The Reserve Bank says Assistant Governor and Monetary Policy Committee (MPC) member Karen Silk is leaving in mid-December, with two assistant governor roles being created following her departure.
Silk held senior roles at Westpac in New Zealand and Australia before joining the Reserve Bank in 2022. Currently Assistant Governor for Money, and a member of the Official Cash Rate setting (MPC), the Reserve Bank says it's using the "forthcoming vacancy" to establish two Assistant Governor roles, Assistant Governor Monetary Policy and Assistant Governor Payments and Cash.
"After a long and varied career in banking and public service, this feels like the right time to begin a new chapter. I am looking forward to spending more time with family and pursuing personal interests, while continuing to contribute to New Zealand’s business and investment community," says Silk.
Reserve Bank Governor Anna Breman says effectively splitting Silk's role into two will strengthen leadership capacity, clarify accountabilities and support closer coordination across Reserve Bank core responsibilities.
"These changes maintain clear leadership of our core functions while positioning the Bank well for the future," Breman says.
Breman says Silk has made "an important contribution" across monetary policy, financial markets, cash and payments, including work to support a modern and resilient financial system.
Silk will participate in the December monetary policy decision, before her departure. The Reserve Bank says its board is expected to recommend the appointee to the new Assistant Governor Monetary Policy role for appointment to the MPC, with the Finance Minister's approval then required. The Reserve Bank says it's also "working through arrangements" for a short-term appointment of a new internal member of the MPC.
The Reserve Bank says recruitment for the two assistant governor roles will begin soon, with an executive search firm engaged to help.
"A few other non-ELT [executive leadership team] role adjustments consulted on with leaders will also proceed, including the establishment of a Chief of Staff role. These changes, and the additional Assistant Governor role will be funded out of operational budget allowed for in the current Five-Year Funding Agreement 2025-2030," the Reserve Bank says.
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