Westpac is now in uncharted territory. It is conducting a global search for a new chief executive while it looks for a new chairman and prepares for a highly volatile annual general meeting.
Westpac Banking Corp chairman Lindsay Maxsted resisted a push from a powerful group representing industry super funds for more heads to roll on the board, just hours after the resignation of chief executive Brian Hartzer, saying more departures could destabilise the bank.
After an emergency board meeting on Monday night, Mr Maxsted announced dramatic changes early on Tuesday to stem the bloodletting at Australia’s oldest bank. They included the departure of Mr Hartzer and director Ewen Crouch, who chaired the board risk committee, and bringing forward his own retirement as chairman to the first half of 2020.
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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
