Westpac chief executive Brian Hartzer will step down within a week to be replaced by chief financial officer Peter King as acting CEO while long-standing chairman Lindsay Maxsted will bring forward his retirement to early 2020 as the bank seeks to stop the reputational damage from the AUSTRAC scandal.
Westpac chairman Mr Maxsted announced the sweeping changes to the executive suite of Australia's oldest bank in a statement to the ASX at 8am on Tuesday where he also revealed Westpac director and head of the risk committee Ewen Crouch would not seek re-election at the upcoming AGM.
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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
