Chronology of Reserve Bank Governors

Leslie Lefeaux

Leslie Lefeaux arrived in New Zealand in 1934 to become the first Governor of the Reserve Bank of New Zealand. Before this appointment, he was Assistant to the Governors at the Bank of England. His signature appears on the first issue of Reserve Bank notes. He completed his term of office in 1940, and returned to England in 1946. Mr Lefeaux died in 1962.

William FL Ward

Ward joined the Reserve Bank as Deputy Governor in 1934, after a successful career at the Bank of Australasia. In 1941 he became Acting Governor, a position held for 3 years until he was appointed as Governor in 1944. He died in office in 1948.

Edward C Fussell

Mr Fussell was a commercial banker. He was chosen by Governor Lefeaux in 1934 as his private secretary and as a potential successor. Fussell was appointed Governor in 1948 and held the position for 14 years until his retirement in 1962

Gilbert Wilson

Gilbert Wilson joined the Reserve Bank in 1935. He became the second person to hold the position of Chief Cashier. Mr Wilson held the position for 3 years before becoming Deputy Governor in 1956. In 1962 he became Governor and retired in 1967. He died on 29 March 1994.

Sir Adam R. Low

Sir Adam Low's appointment appointment marked a turning point for the Reserve Bank as he was a trained economist. He held various roles at the bank, before becoming Governor in 1967. He held the position for 10 years.

Raymond WR White

Raymond White became Governor in 1977. He was an expert in inflation accounting and indexation. His views were not politicians or financial sector leaders. When Muldoon decided to reintroduce interest rate controls in 1981, White declined to accept a second term as Governor.

Dick L Wilks

Mr Wilks joined the Reserve Bank in 1950. He was appointed Chief Cashier in 1967. He held this position for 6 years before becoming Executive Adviser to the Bank in 1973. In 1977, Mr Wilks was appointed Deputy Governor, and in February 1982 was appointed Governor of the Reserve Bank. Mr Wilks died on 18 December 1985.

Spencer T Russell

Sir Spencer Thomas Russell was appointed Governor of the Reserve Bank of New Zealand on 18 May 1984. He previously held the position of Director and Chief Executive of the National Bank of New Zealand, having spent his commercial banking career there. Sir Russell retired in 1988 and died in July 1995.

Donald T Brash

Dr Donald Brash was appointed as Governor of the Reserve Bank of New Zealand in 1988. He resigned as Governor in 2002 to stand as a list candidate for Member of Parliament in the general election held that year. Dr Brash also worked at the World Bank, Broadbank/Fletcher Challenge, the New Zealand Kiwifruit Authority, and the Trust Bank group. 

Alan E Bollard

Dr Alan Bollard was appointed as Governor of the Reserve Bank of New Zealand in September 2002. In 2012, he became the Executive Director of the APEC Secretariat based in Singapore. Dr Bollard has written several books on the New Zealand economy, and helped rebuild the Phillips hydraulic, economic simulation model, the MONIAC.

Graeme Wheeler

Graeme Wheeler was appointed Governor of the Reserve Bank of New Zealand in September 2012. Previously, he was employed at the World Bank from 1997 until 2010. Mr Wheeler also worked at the New Zealand Treasury as Deputy Secretary and Treasurer of the Debt Management Office (1993 to 1997). 

Grant Spencer

Grant Spencer was appointed as Acting Governor of the Reserve Bank of New Zealand in October 2017 to hold the Governor role for 6 months. Mr Spencer stepped into the Governor’s position from his previous role as Deputy Governor/Head of Financial Stability.