New CEO Appointment at Westpac Banking Corp

By Adwitiya Srivastava
(Reuters) – Westpac Banking Corp has appointed Anthony Miller, head of its business and wealth division, as the new CEO and managing director effective Dec. 16.

Miller will succeed Peter King, who is retiring on Dec. 15 after a distinguished 30-year career at Westpac, including five years as CEO.

Before joining Westpac in 2020, Miller served as CEO of Deutsche Bank’s Australia and New Zealand operations and co-head of investment banking in the Asia-Pacific region. He also has a 16-year tenure with Goldman Sachs.

Nathan Zaia, a senior equities analyst at Morningstar, stated, “We would not expect the new leadership to change the direction or outlook for Westpac. King took control at a difficult time for the bank, and he leaves it in pretty good shape having returned the bank to loan and earnings growth and resolved a number of risk issues.”

Zaia noted that Miller’s significant challenge lies in successfully executing the ongoing technology simplification plan.

Peter King, a former chief financial officer, was appointed as acting CEO in December 2019, becoming permanent in April 2020. He navigated Westpac through the COVID-19 pandemic and saw its stock price double during his tenure as CEO.

As of 1230 GMT, Westpac’s shares fell by as much as 2.2%, reflecting a broader market sell-off.

Westpac Chair Steven Gregg acknowledged King’s role in providing stability and transforming risk management, stating, “He simplified the company’s portfolio of businesses and returned it to growth in key divisions.”

With Miller’s appointment, Westpac becomes the second major Australian bank in 2023 to execute a CEO succession, following the National Australia Bank’s recent appointment of Andrew Irvine in February.