Clive Smith, chairman of Deutsche Bank Group in Australia and New Zealand will retire from 15 June 2007, making way for John Macfarlane, most recently chief executive and chief country officer for the German banking group in Japan. Mr Macfarlane started his career with the New Zealand Treasury in the early 1980s before joining NMRB/Capel Court in Melbourne as Financial Markets Economist in 1986. In 1988 he joined Bankers Trust Australia in Sydney as a fixed income specialist working for the Bankers Trust Group in Australia, the USA and New Zealand in a variety of sales and trading and management roles before becoming CEO of Bankers Trust New Zealand in 1998. After Deutsche Bank purchased Bankers Trust in 1999, he was appointed chief executive and chief country officer of Deutsche Bank Group Japan. Since 2004, he has also had Regional Management responsibility for Australia and New Zealand.