Former deputy Reserve Bank Governor Rod Carr has been elected chair of the central bank's board of directors.
Mr Carr replaces Dr Arthur Grimes, who is stepping down on 18 September after 11 years heading the board.
Dr Carr was appointed to the Reserve Bank board last year and is Vice-Chancellor of the University of Canterbury.
He is on a number of other boards, including Lyttelton Port. He previously led Jade Software, was deputy governor of the Reserve Bank from 1998 to 2003 and has held a senior role at National Australia Bank.
Sue Sheldon has been re-elected as deputy chair.