Banking News

Westpac on the hunt for new CFO

Westpac on the hunt for new CFO

(17 September 2019 – Australia) Westpac has commenced an executive search for a new Chief Financial Officer (CFO) after Peter King announced his imminent retirement from the role next year.

Mr King served 25 years with the group including positions as deputy CEO before becoming CFO in 2014. Mr King is the longest serving CFO among the Big Four. Mr King described the move as a big decision and ‘one I didn’t come to lightly’. The executive team change follows the appointment of David Lindberg as Consumer Banking head following the departure of George Frazis to become CEO of BoQ, while Guilherme Lima was named as incoming Business division head. Craig Bright also joined as CIO following the retirement of Dave Curran.

Mr King will continue in the role until his replacement is appointed following an international search. The bank has given itself a full year to fill the role of the senior finance executive who helped navigate Australia’s oldest bank through the global financial crisis (GFC), undertake a merger with St George, raise billions in capital and work through the recent financial services royal commission. Mr King joined Westpac in 1994 from a role at Deloitte before being promoted to CFO in 2014 by then-CEO Gail Kelly, replacing Phil Coffey.

“Peter has played a critical role during a period of major change in Australian banking, and as a result of his expertise and dedication, Westpac is a better and stronger bank. During his time as CFO, Peter has overseen a significant increase in the strength of our balance sheet, including the implementation of new capital, funding and liquidity requirements. In addition, he has helped deliver a significant increase in investment to modernise and digitise our business, a reshaping of our business portfolio, and material improvements in productivity. Peter is known throughout Westpac for his integrity, his work ethic, and his ability to provide high-quality counsel and guidance. His ability to meaningfully engage with people has earned him many friends and admirers across all levels of the bank. On a personal note, I would also like to thank Peter for his leadership, support and wise counsel as a member of my executive team” Westpac CEO Brian Hartzer stated.

“I have had a varied and challenging career since joining the group 25 years ago. Over that time, I have been involved in Westpac Institutional Bank and treasury, technology and operations, business and consumer banking and, of course, the group finance function. Westpac has transformed itself through this period and is now a stronger and more customer-focused organisation. While we have more work to do, I believe Westpac is on the right track to not only continue to be financially successful but to be an organisation that customers want to bank with and staff are proud to work for” said Mr King.

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