Heartland names Air NZ's David Mackrell as new CFO

The incoming CFO will start on Feb. 15, replacing Simon Owen who announced his resignation in November.

Heartland Bank has named Air New Zealand deputy finance boss David Mackrell as its new chief financial officer.

The incoming CFO will start on Feb. 15, replacing Simon Owen who announced his resignation in November, ending a 13-year stint with Heartland and its predecessor, Marac Finance.

Mr Mackrell spent 12 years as Air NZ's deputy CFO, having joined the national carrier in 1992.

Heartland missed out on buying ANZ Bank New Zealand's UDC Finance unit, which was picked up by China's HNA Group for $660 million earlier this month.

The Auckland-based bank raised $20 million last month and wants a further $10 million via a share purchase plan which it will use to bolster its capital ratio after a period of credit expansion. The funds would also help pay for an expanded online offering, with Heartland investing in data analysis to "more precisely" target its customers and supporting digital origination.

The shares last traded at $1.52, up 26% over the past year.

(BusinessDesk)