(12 May 2011 – Australia) Lindsay Maxsted will replace Westpac chairman Ted Evans after the bank’s annual shareholder meeting in December.Mr Evans is to retire after joining the bank in 2000, becoming chairman in 2007. He was chairman through the global financial crisis (GFC) and the takeover of St George Bank, transforming Westpac into Australia’s second largest lender behind Commonwealth Bank.
‘With the success of the St George merger now assured, and the group performing very strongly under our talented and stable management team, I judged the time right to announce my retirement,’ said Mr Evans in a statement.
‘Lindsay is an enormously experienced and capable director, and I know I will leave the chair of this great company in the very best of hands.’
Mr Maxsted has been on the board as a director and chairman of the audit committee since 2008.
He said Mr Evans’ wisdom and guidance as chairman had been invaluable as Westpac successfully navigated the GFC and its aftermath while heading the biggest financial services merger in the country’s history.
‘It has been a privilege to serve under Ted’s leadership and I am acutely aware that he leaves very large shoes to fill,’ Mr Maxsted said.