Westpac chief executive Peter King is retiring in December after nearly five years at the helm and will be replaced by Anthony Miller, the head of the bank’s business and wealth division.
Westpac chief executive Peter King is retiring after nearly five years at the helm and will be replaced by Anthony Miller, the bank announced on Monday morning. Miller is currently the chief executive of Westpac’s business and wealth division and will succeed King on December 16.Miller joined Westpac in 2020. He is a former chief executive of Deutsche Bank in Australia and New Zealand and also spent 16 years at Goldman Sachs. He will receive a fixed salary of $2.
“I want Westpac to be a bank built on trust and reliability - always there to help our customers through every one of life’s moments,” Miller said in a statement.“Anthony will make a great CEO. In his time at Westpac he’s proven he has what it takes to deliver for customers, employees and shareholders. He’s an experienced banker, with customers at the heart,” he said.Westpac chairman Steven Gregg said Miller was an ideal replacement.
“Since joining Westpac in 2020, he’s put the institutional bank on a path to reclaiming its leadership position. He’s spent the past year leading business and wealth, restoring growth and focusing on customers.” Westpac is being investigated by the corporate and prudential regulators over allegations its mortgage broking subsidiary, RAMS Home Loans, “conducted business with unlicensed persons and misleading information”. Westpac last month announced it was effectively closing down its RAMS business.King’s departure is the second change at the top for a big four bank this year. NABMore to come
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