He will be replaced by Professor Neil Quigley ,vice-chancellor of the University of Waikato.
Kerrin Vautier has been appointed deputy chair.
Reserve Bank directors are appointed by the Minister of Finance for five-year renewable terms, and they elect their chair from among their numbers for one-year terms.
Carr said that he had advised the board some months ago that he would not be seeking a further term as a director of the Reserve Bank when his present term ends in July 2017. In light of that decision he had decided to step down as chair.
Quigley’s term is effective from September 23. He is vice-chancellor of the University of Waikato, and has previously held roles as a Professor of Economics and senior manager at Victoria University of Wellington and the University of Western Ontario in Canada. He was first appointed to the Reserve Bank Board in 2010. He is also a director of the New Zealand Qualifications Authority (NZQA).
When Carr’s term ends as a Director, this will end a 10-year relationship with the Bank. Between July 1998 and July 2003, he was deputy governor and then acting governor. Carr was appointed to the Board in 2012, and was first appointed chair in September 2013.
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