Westpac announces new WIB chief executive
(29 May 2015 – Australia) Rob Whitfield is set to leave Westpac Group to pursue new opportunities.
In a statement Group chief executive Brian Hartzer said Lyn Cobley has been appointed as Group executive of Westpac Institutional Bank (WIB) replacing Whitfield.
Whitfield has held the position since 2009 and has been instrumental in cementing the business as the number one institutional bank in Australia.
He first joined Westpac as a graduate in 1986 and has held a number of other senior executive positions, including Group treasurer, chief risk officer and more recently, chairman of Westpac's Asia Advisory Board.
Cobley is a highly-regarded senior executive with more than 20 years' experience in financial services.
She has held a variety of senior roles at the Commonwealth Bank of Australia (CBA) including serving as Group treasurer from 2007 to 2013 and currently as executive general manager, Retail Products & Third Party Banking.
She was also head of Financial Institutions at Barclays Capital in Australia, head of Securitisation at Citibank in Australia, and chief executive of Tradingroom (a JV between Macquarie Bank and Fairfax).
Hartzer said Cobley brings to Westpac strong leadership skills along with deep knowledge and experience in domestic and global financial markets, funding, risk and balance sheet management.
"Lyn is a highly experienced banker, and is well-recognised for having successfully managed CBA's global funding, liquidity and capital position during the GFC," Hartzer said.
"She has an outstanding track record in managing through complex financial, capital and regulatory issues, while developing innovative solutions for customers and financial institutions.
"She's also a strong leader who has twice been recognised externally as Kanganews' Treasurer of the Year, and as one of our own inaugural Women of Influence.
"I'm delighted to have Lyn join our executive team. Her passion for customers and the people she leads means she will be a strong cultural fit for Westpac."
Hartzer thanked Whitfield for his significant contribution to Westpac, particularly his strong leadership of WIB and Westpac's Asia strategy over the past six years.
"Under Rob's leadership WIB has been Australia's number one institutional bank for many years across a range of measures, including for relationship strength and transactional banking. As a result the WIB franchise is stronger than ever," Hartzer said.
"In addition, Rob brought a deep knowledge of banking as well as clear strategic insight across a range of complex and critical issues.
“He played a pivotal role in Westpac's response to the global financial crisis and showed exceptional strategic and leadership skills during the negotiations around the St.George merger and the more recent acquisition of the Lloyds asset finance business.
"I would like to personally thank Rob for the support he has provided me in my new role, and his dedication and service to the Group. I wish him well for the future," Hartzer said.
Whitfield said it has been a privilege to lead the 3,600 people who work at WIB, Westpac International and Westpac Pacific.
"Together we have built the number one institutional bank franchise in Australia and I thank all WIB employees for their dedication, commitment and hard work. I will truly miss their camaraderie and friendship.
"Westpac has given me the opportunity for a varied and challenging career. When I joined as a graduate almost 30 years ago, I could not have imagined the breadth of work and responsibilities that I would subsequently enjoy.
"However, it is now the right time to pursue new and interesting challenges outside the Group. I have great confidence in the team and the strategy and I wish Brian, the leadership team and Westpac every success for the future," Whitfield said.
Whitfield will leave Westpac on 10 July 2015, and Cobley will commence with the Group in September.
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