Westpac appoints Peter King as CEO

Maria Nikolova

CEO and Group Executive annual Short-Term Variable Rewards for 2020 will be cancelled.

Westpac today announced the appointment of Peter King as Chief Executive Officer. Mr King was appointed Acting Westpac Group Chief Executive Officer in December 2019.

In his 25 years at Westpac Group, Mr King has held senior finance roles including Chief Financial Officer since 2014 with responsibility for Westpac’s Finance, Group Audit, Tax, Treasury and Investor Relations functions. Before this he was Deputy Chief Financial Officer for three years and held senior positions across the Group including in Group Finance, Business and Consumer Banking, Business and Technology Services, Treasury and Financial Markets.

Peter King commenced his career at Deloitte Touche Tohmatsu. He has a Bachelor of Economics from Sydney University and completed the Advanced Management Programme at INSEAD. He is a Fellow of the Institute of Chartered Accountants.

Chairman Mr John McFarlane commented, “I believe we need a Chief Executive in place now, not later, and with full, rather than acting authority. On my recommendation, the Board has appointed Peter King as CEO. Peter has agreed to do this for two years”.

“My medium-term priorities remain to drive performance through our lines of business and sharper accountability, simplify the business through digital transformation, and lift our service culture and risk management capability,” Mr King said.

Mr McFarlane said the Board and CEO had decided CEO and Group Executive annual Short-Term Variable Rewards for 2020 will be cancelled, in recognition of collective accountability for the financial crime outcomes in Westpac’s business which led to the action brought by AUSTRAC.

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