After months of playing the role of acting CEO, Westpac career banker Peter King was appointed as the permanent CEO. Announcing the appointment, Chairman John McFarlane said: “in moments of global stress and uncertainty, management stability and strength are vital.”
“I believe we need a Chief Executive in place now, not later, and with full, rather than acting authority. On my recommendation, the Board has appointed Peter King as CEO. Peter has agreed to do this for two years”.
In his 25 years at Westpac Group, Peter King has held senior finance roles including Chief Financial Officer since 2014 with responsibility for Westpac’s Finance, Group Audit, Tax, Treasury and Investor Relations functions.
Responding to the announcement, Peter King who was supposed to retire this year said “it was a great honour to be appointed CEO of Westpac” where he has worked for the past 25 years.”
The announcement although a relief comes at a time when the bank’s reputation has suffered after allegations of a major breach of anti-money laundering regulations that cost the jobs of the previous CEO and Chairman.
Mr King said, “my medium-term priorities remain to drive performance through our lines of business and sharper accountability, simplify the business through digital transformation, and lift our service culture and risk management capability.”
Simplifying the business through digital transformation is a priority
Simplifying the business is on the priority list of Westpac as well as other large enterprises. National Australia bank has been on a technology transformation journey aiming to simplify the bank with 100% on cloud priority. Announcing the first half-year results CBA boss Matt Comyn also revealed simplification priorities. Telstra is on course to achieve the objectives of its T-22 strategy with Simplification as the number one priority.
Australia’s oldest bank could face billions in fines over claims it breached money-laundering laws. Amidst these challenges and the developing COVID-19 challenges, it remains to be seen what Peter King’s strategy will be.
