ING DIRECT has appointed a new chief executive after Don Koch announced he would leave the bank to take up the role of CEO of ING Bank Italy.
Mr Koch will leave the Australian bank in August after more than three years service.
During his time in Australia, Don has overseen the expansion of ING DIRECT into transactional banking and restructured the bank for sustainable growth.
Mr Koch will relinquish his role on the board of ING DIRECT as part of this move.
Mr Koch will be replaced by Vaughn Richtor who previously held the CEO role from 1996 until 2005, overseeing the launch of ING DIRECT in Australia.
Mr Richtor currently sits on the ING DIRECT Australia Board and will manage the Australian business while continuing to be responsible for ING retail banking in India, Thailand and China.
Mr Vaughn will be relocating from Singapore to take up the Sydney based role.