Why it matters: John McFarlane has announced he will soon retire from the Westpac board.
Ampol and the Lottery Corporation chairman Steven Gregg will succeed him.
Mr Gregg will retire from his roles at the Lottery Corporation and Challenger.
Steven Gregg will take the top board seat at Westpac after this year’s annual shareholder meeting, when the bank’s chairman, John McFarlane, retires after three years in the role.
Mr McFarlane said his successor was a “world-class executive and director who will bring a fresh perspective” to Westpac. Mr Gregg, an outsider to the big four banking world, is the chairman of Ampol and, as of Monday, the outgoing chairman of The Lottery Corporation.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
