ASX Announcement - National's Chief Financial Officer Announces Retirement - 2 April 2004

The National's Chief Financial Officer, Mr Richard McKinnon, has advised that he intends to leave the company towards the middle of this year.

In commenting on his decision, Mr McKinnon said: "It had been my intention to retire following my 55th birthday next year. However under John Stewart's leadership the National has embarked upon a significant revitalisation agenda, which rightly should begin with new faces at the top."

The National's Chief Executive, Mr John Stewart, said: "I have accepted Richard's decision but have asked him to stay on beyond the half year results to enable us to undertake a global search for a new CFO and to provide a smooth transition."

The National's Chairman, Mr Graham Kraehe, said: "This is a principled decision by Mr McKinnon which reflects the integrity he has brought to the CFO position over the last four years.  Mr McKinnon has made a significant contribution to the National over his 18 years of service."

The National has commenced a global search for a new CFO.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work 
0419 369 058 mobile