(9 September 2005 – Australia) Westpac chief financial officer Phil Chronican and group executive Phil Coffey have swapped roles amid a senior management reshuffle at the bank.Chronican has previously worked in a number of business group roles within Westpac’s Institutional business, including treasury, capital markets and finance. He will take over from Coffey on 1 December 2005.
As CFO, Coffey will be responsible for the bank’s tax, strategy, group treasury, group assurance and investor relations functions. Coffey joined Westpac in 1996 after working at AIDC and Citibank.
Both Coffey and Chronican are among the favourites to take over from Dr David Morgan when he steps down from the chief executive officer role in 2007.
Rob Whitfield has been promoted to Chief Risk Officer for the Westpac Group, part of the bank’s executive team.
Dr Morgan said the changes would provide an opportunity to broaden the experience across the team while creating greater depth and flexibility.