Susan Peterson to lead Kiwibank into next chapter

Kiwibank has appointed business leader Susan Peterson as its new chair, effective Nov. 30, succeeding Jon Hartley, who steps down after six years in the role.

The appointment was confirmed by the Board of Kiwi Group Capital (KGC), Kiwibank’s parent company.

The leadership change comes as Kiwibank prepares for a planned $500 million capital raise, which Fitch Ratings says is unlikely to affect the bank’s strong AA credit rating.

Experienced leader to guide Kiwibank’s next growth phase

Peterson is one of New Zealand’s most respected governance figures, with extensive experience in strategic leadership and corporate growth. She currently chairs Vista Group and serves as a director for Xero and Mercury.

She is also a former ASB Bank director and has served nine years on the New Zealand Markets Disciplinary Tribunal.

“I’m honoured to take on the role of chair at Kiwibank,” Peterson said. “Kiwibank is our largest New Zealand-owned bank and has a proud history and a clear Purpose of Kiwi making Kiwi better off by creating meaningful competition in the banking market.”

KGC said Peterson’s deep experience across NZX- and ASX-listed companies and her record in navigating complex regulatory and political environments make her well placed to guide Kiwibank’s next stage of growth.

The appointment follows Kiwibank’s FY25 results showing 10% lending growth to $35.8bn, including $2.3bn in new home loans and $1bn in business lending, even as net profit dipped 5% to $191m.

Peterson: All profits stay in New Zealand

In her statement, Peterson emphasised Kiwibank’s uniquely local ownership and purpose.

“All Kiwibank profits remain in New Zealand, and this means that every Kiwi benefits when Kiwibank is successful,” she said.

“This is an exciting time to join Kiwibank, and I am looking forward to working with Steve Jurkovich and the team to find more ways to strengthen its position as the challenger bank and support more Kiwi, more Kiwi businesses and New Zealand’s overall economy to thrive.”

Peterson said she is confident Kiwibank can deliver great customer outcomes while creating world-class career opportunities for New Zealanders.

Hartley’s leadership acknowledged

Outgoing Chair Jon Hartley, who has led Kiwibank since 2019, was thanked for his service and strategic leadership during a period of significant expansion and transformation.

Under Hartley’s tenure, Kiwibank strengthened its market position and achieved consistent growth in both retail and business banking.

KGC and Kiwibank “thank Mr Hartley sincerely for his service and impact and wish him all the best with his future endeavours.”

Board continuity during transition

To ensure a smooth transition, Kevin Malloy has been reappointed as an independent director for a further one-year term, effective from Nov. 28. Malloy has served on the Kiwibank board since 2016.

KGC said his reappointment would provide board continuity during the leadership transition and support Kiwibank’s strategic momentum heading into 2026.

Stay informed with the latest housing market trends and mortgage insights — subscribe to our free daily newsletter.