Westpac Restructure Triggers Senior Leadership Shake-Up
(19 July 2023 – Australia) Westpac CEO Peter King announced Westpac Group is restructuring its retail and business bank division, splitting them into two units headed by Jason Yetton and Anthony Miller, respectively.
Mr Yetton previously held the role of Westpac retail bank head under former CEO Gail Kelly. Nell Hutton, former Goldman Sachs partner, joins the executive team as Westpac Institutional Bank (WIB) CEO while the existing consumer and business banking head, Chris de Bruin, will depart the group to “pursue other opportunities”.
The bank decided in 2021 to merge the consumer and business banking units to simplify the business, reduce costs and consolidate support functions shortly following Peter King officially being appointed to the role of CEO following Brian Hartzer’s resignation in 2019. In 2015 Westpac also restructured its Australian operations to accelerate the group’s customer-focused strategy.
“The restructure will support the group’s next strategic phase. To sharpen our focus, we are appointing dedicated group executives responsible for consumer banking and business banking” Mr King stated.
“I want to thank Chris for his contribution to the bank. In particular, he’s led the digitisation of the consumer bank, including the delivery of major initiatives such as the digital mortgage and payment solutions. He’s also driven our branch co-location strategy and strengthened the franchise. Chris will assist with the transition to the new structure” Mr King added.
“Over the past few years we’ve simplified the bank, including exiting nine businesses. As a result, we no longer need a specialist businesses division. The new structure will give the leadership team a greater focus on growing their businesses and delivering for customers.”