Ric Battellino, an assistant governor at the Reserve Bank of Australia, was today named Deputy Governor, filling the vacancy left when Glenn Stevens stepped up to the top job in September.
Battellino, 55, was the central bank's assistant governor in charge of running its financial markets operations. He has worked at the bank for 33 years. His appointment is for five years, Treasurer Peter Costello said in a statement released in Canberra.
As Deputy Governor, Battellino automatically gets a seat on the bank's rate-setting board. The previous two deputies, Stevens and Ian Macfarlane, both went on to become Governor. Costello also named Graham Kraehe, 64, chairman of BlueScope Steel Ltd. and a director of Brambles Industries, to the bank's board.
``Battellino is safe, solid and competent,'' said Stephen Koukoulas, chief Asia-Pacific strategist at TD Securities Ltd. in Sydney. ``These appointments mean a full board is back in business.''
Battellino and Kraehe join Governor Stevens and Treasury Secretary Ken Henry on the Reserve Bank's rate-setting board, along with five other external members: Coca-Cola Amatil Ltd. Director Jillian Broadbent; Telstra Corp. Chairman Donald McGauchie; former WMC Ltd. Chief Executive Hugh Morgan; recently retired Woolworths Ltd. Chief Executive Roger Corbett; and Australian National University economics professor Warwick McKibbin.
`Good Perspective'
Kraehe fills a vacancy created by the resignation of Rob Gerard in December 2005. Kraehe received the Order of Australia, the nation's highest civilian honor, in 2003 for services to corporate life. He has previously been chairman of National Australia Bank Ltd. and director of News Corp. and Southcorp Ltd.
``My executive career gives me a good perspective on the Australian economy, on the things that make it a good economy and the things that influence it,'' Kraehe said in an interview from Melbourne. ``My background is relevant and I look forward to making a contribution to the board.''
Gerard, managing director and chairman of Gerard Corp., an electronics exporter, quit the central bank board after the Australian Financial Review reported he had to pay A$150 million ($117 million) to settle a tax dispute. Gerard said he paid A$75 million to settle the claim.
Battellino has run the bank's operations in bond and foreign- exchange markets for 12 years. As assistant governor, he also reported to the board on trends in international financial markets.
Inside Appointment
He holds a bachelor's degree with honors from the University of Queensland and has been a fellow of the London Business School. He is married with two daughters.
Costello named a bank insider to the role even after saying in August he might name an external candidate to bring a ``wider perspective'' to the board's interest-rate decisions.
``I have carefully considered candidates from both within and outside the Bank, and I am confident that Mr. Battellino possesses the requisite balance of qualifications and experience to make a strong contribution to the Reserve Bank as Deputy Governor,'' Costello said in his statement.
The Reserve Bank has not yet named a replacement for Battellino as assistant governor.
Stevens began a seven-year term as Governor on Sept. 18 after serving five years as deputy governor. Macfarlane, governor for the previous decade, was deputy governor from 1992 until taking the helm in 1996.
source:www.bloomnerg.com
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