Westpac announces restructure and leadership changes

SYDNEY, AUSTRALIA: Westpac Banking Corporation, one of Australia’s largest banks, has announced a restructure to support its next strategic phase, following a period of simplification and exiting nine businesses.

The bank said it will appoint dedicated group executives for consumer banking and business banking, and separate these divisions from its specialist businesses. It will also create a stand-alone function for technology simplification and move operations to corporate services.

Westpac CEO Peter King said the restructure will sharpen the bank’s focus and position it for future growth.

The restructure will also involve some leadership changes, effective from 1st August 2023. These include:

• Jason Yetton, currently leading the portfolio simplification, will become the chief executive of consumer banking.
• Anthony Miller, currently the chief executive of Westpac Institutional Bank, will become the chief executive of business and wealth.
• Nell Hutton, currently leading financial markets, will become the chief executive of Westpac Institutional Bank.
• Scott Collary will continue as the chief information officer, leading the technology transformation.
• Carolyn McCann will lead an expanded division for customer and corporate services, including operations.

As a result of the separation of consumer and business banking, Chris de Bruin, the current chief executive of consumer and business banking, has decided to leave the bank to pursue new opportunities. Mr King thanked him for his contribution and said he will assist with the transition.

Mr King said the new structure will give the leadership team a greater focus on growing their businesses and delivering for customers. He said he was pleased to have experienced and capable leaders in the new roles.

The restructure will be reflected in the 2024 financial results.

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