The approach was informal, and came after the bank’s new chairman, Steven Gregg, met with analysts and investors. Westpac downplayed the suggestions.
The Australian Securities Exchange has made informal requests for Westpac to explain persistent market speculation that it is searching for a replacement for its chief executive, Peter King, before the end of the year.
This prompted the ASX into action because major developments regarding chief executive succession are usually flagged to investors more broadly. Qantas, for example, regularly told investors that Alan Joyce would be leaving in 2023. At Westpac, the internal front-runners are business bank executive Anthony Miller and retail banking boss Jason Yetton. Both were promoted last year when the two divisions were separated after the executive formerly in charge of the company’s business and retail divisions, Chris de Bruin, left.
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