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ING NZ Chief Executive To Quit

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 6 NZPA - ING NZ, which has suspended withdrawals from two major funds, announced today the resignation of Marc Lieberman as chief executive effective July 31.

"Marc has resigned to pursue a career outside ING and has accepted a role at another organisation outside New Zealand," the New Zealand arm of the giant Dutch group said.

In March, ING suspended withdrawals from two investment funds worth $521 million because of the global credit market turmoil.

It said the funds -- the diversified yield and regular income -- invested largely in credit securities, which had been hard hit by the subprime market problems and falling US house values.

Mr Lieberman had been with ING for eight years, of which the past two-and-a-half had been in New Zealand.

The company said that during his time with ING NZ, the company had become the No.1 KiwiSaver provider and had the fastest growing life insurance business.

"It is disappointing that Marc has resigned, given that all three divisions of our business have been highly successful under Marc's leadership," chairman Mike Smith said.

NZPA WGT sml mgr

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