The former investment banker will succeed Peter King in December.
Already a subscriber?Anthony Miller has been appointed the next chief executive of Westpac, replacing Peter King from December 16.
“As an internal appointment, Anthony knows what needs to be done and will move at pace, ensuring a seamless transition,” he said.Westpac shares were down 1.6 per cent to $31.58 mid-morning, in-line with other falls in a softer banking sector. Analysts saw the appointment as a positive for the stock. He is the second new major bank CEO to be elevated from the business banking ranks this year after National Australia Bank picked Andrew Irvine to replace Ross McEwan as CEO in April; Mr Irvine had also run NAB’s business bank at the time of his appointment.
While leading Westpac Institutional Bank, he restored its operating performance and helped recruit key bankers. Outgoing Westpac chief Mr King said his replacement had “proven he has what it takes to deliver for customers, employees and shareholders”.“As a result of the hard work completed over the past five years, Westpac is now a simpler, stronger bank, with an improved risk culture. The company is well-placed for its next phase under Anthony.”
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