Ms Phillips, group executive of wealth, marketing and innovation, will depart ANZ to "pursue her successful financial services career", the bank said.
Other changes effective from 12 March include the transition of ANZ Financial Planning into the retail distribution division.
These changes come as ANZ focuses on growing its insurance, superannuation and investments product business, which will be known as Australia Wealth and will be headed by Alexis George, currently managing director of insurance.
ANZ chief executive Shayne Elliott said: "Over the past decade, ANZ has made significant investments in its insurance, superannuation and investments business to consolidate its position as a leading player in Australia and New Zealand with strong market shares in key segments.
"These changes generate more value for our eight million customers by making it simpler and more convenient to access wealth solutions through closer coordination and alignment of our wealth and retail products. The changes help us unlock more potential from wealth and reduce complexity, duplication and cost across our business," he said.
"The simplified approach also provides the opportunity to focus on improving returns and capital efficiency from our insurance, superannuation and investments product business given higher regulatory capital requirements."
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