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Westpac deputy CEO to retire

After a distinguished career spanning more than 20 years, the deputy chief executive officer of Westpac has decided to retire.

Westpac Group chief executive officer Brian Hartzer announced yesterday that deputy chief executive officer Phil Coffey will be retiring from his role.

Mr Coffey worked as part of Westpac’s executive team for 15 years, including three years as deputy CEO, eight as chief financial officer and four as group executive, Westpac Institutional Bank.

Mr Hartzer commented that the bank had benefited from Mr Coffey’s deep financial services experience, business and risk judgment, and insightful leadership.

He said, “Phil retires having made a very significant contribution to the group. In his role running our Institutional Bank, he helped lift the business to industry leadership, a position it continues to hold today.

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“As chief financial officer during the global financial crisis, Phil was instrumental in seeing Westpac emerge as a stronger and better company.”

Mr Hartzer added that as deputy CEO, Mr Coffey applied his expertise in risk, finance, capital management and regulatory issues to further develop Westpac’s strategy and address industry challenges and opportunities.

“On behalf of all of us at Westpac, I would like to thank Phil for the enormous contribution he has made to the group and wish him every success as he pursues the next phase of his career as a non-executive director. On a personal note, I would also like to thank Phil for the support he has provided me as my deputy over the past two years,” he said.

Mr Coffey said that working at Westpac has given him the opportunity of a varied and challenging career since he joined more than 20 years ago.

“I wish Brian, the leadership team and everyone at Westpac Group every success in the future,” he said.

Mr Coffey will leave Westpac Group on 31 May 2017. He will continue his role as chairman of Westpac’s Bicentennial Foundation.

[Related: Non-major names new head of retail banking]

Westpac deputy CEO to retire
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