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Westpac CFO to step down

The major bank will commence an “international search” for a new chief financial officer after announcing the retirement of Peter King.

Westpac Group CEO Brian Hartzer has announced the retirement of CFO Peter King, who will step down from his role in 2020.

Mr King has served for over 25 years with the bank, which included a stint as deputy CEO before assuming the role of CFO in 2014.  

Following the announcement, Mr Hartzer thanked Mr King for his service to the bank.

“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,” Mr Hartzer said.

“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.”

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He concluded: “On behalf of all of us at Westpac, I would like to thank Peter for the significant contribution he has made to the group and wish him every future success. 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.”  

Reflecting on his time with Westpac, Mr King added: “I have had a varied and challenging career since joining the group 25 years ago.

“Over that time, I have been involved in WIB and treasury, technology and operations, business and consumer banking and, of course, the group finance function.”

He continued: “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.”

Mr King has given Westpac 12 months’ notice and will continue in his role until his replacement is appointed following an international search.

[Related: CBA CEO to assume ABA chair]

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