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Former deputy prime minister and finance minister Michael Cullen is retiring from politics and will take up a new position on the board of New Zealand Post.
Cullen is one of New Zealand's longest serving MPs, having served 27 years as a Member of Parliament. He delivered nine budgets as Minister of Finance in the fifth Labour government.
He had announced his resignation as deputy leader of the Labour Party after its election loss last year and has now annnounced he is quitting politics.
Cullen will become a director on the board of New Zealand Post and will become deputy chairman of the board when Ken Douglas steps down from that position in October.
ONE New Political Editor Guyon Espiner says Cullen could well become chair of the board of the massive State Owned Enterprise when Jim Bolger stands down from that position sometime in the future.
Cullen's departure marks the end of an era for Labour. He set up the KiwiSaver retirement saving scheme and also what became known as the Cullen super fund to provide for future state pensions.
Cullen and Helen Clark both entered parliament in 1981 and he worked very closely with her in the fifth Labour government.
They have both announced their departures within days of each other, with the former Prime Minister taking up a senior position in the United Nations.
Cullen is a list MP so, unlike Clark, will not prompt a by-election to fill his vacant seat.
Damien O'Connor will replace him on the list.
