Hartzer to be senior adviser to Woolworths-backed data science and analytics firm Quantium

Former Westpac chief executive Brian Hartzer has become a senior adviser to Woolworths-backed data science and analytics firm Quantium, as he slowly re-emerges in business life.

Former Westpac chief executive Brian Hartzer has become a senior adviser to Woolworths-backed data science and analytics firm Quantium, as he slowly re-emerges in business life.

Mr Hartzer took up the Quantium role in December, which adds to his chairmanship of the Australian Museum. Late last year, he also invested in carbon neutral firm Pathzero, which helps companies measure and manage emissions to reduce their carbon footprint.

Quantium – which was founded in 2002 – works with brands across more than 20 countries. Its website cites QBE Insurance, National Australia Bank, Walmart, Facebook, Qantas and Suncorp among brands it has worked with.

Woolworths acquired a 50 per cent stake in Quantium in 2013, as it sought a toehold in the data and analytics sector.

Mr Hartzer fell on his sword at Westpac in late 2019, after financial crimes regulator Austrac lodged explosive legal action against the bank for 23 million alleged breaches of the law.

Westpac, which admitted its technology wasn’t up to scratch and it needed to bolster its risk management systems, settled the case last year by agreeing to pay a record $1.3bn penalty.

The saga brought an end to Mr Hartzer’s almost five years as Westpac CEO, and seven years at the bank. Chief financial officer Peter King has taken over the role at Westpac role in a permanent capacity, as it seeks to draw a line under the Austrac scandal and overhaul its compliance and risk management processes.

The Austrac legal action also brought forward the retirement of former Westpac chairman Lindsay Maxsted, and led to a refresh of the board as investors demanded accountability for the failings.

The board - now led by former ANZ CEO John McFarlane - continued its refresh this week as it appointed Dr Nora Scheinkestel, as an independent non-executive director from March.

Dr Scheinkestel - also a board member of Telstra, Brambles Limited and AusNet Services - will join Westpac’s board risk committee and the remuneration committee upon her appointment. She is also an associate professor in the Melbourne Business School at the University of Melbourne.

The appointment means Westpac will have three women on its 11-member board, when Dr Scheinkestel joins.

The bank had copped some criticism on board gender diversity after Alison Deans stood down as a non-executive director - following two three-year terms - leaving just Nerida Caesar and Margaret Seale as the only remaining women on Westpac’s 10-member board.

That followed former Insurance Australia Group boss Michael Hawker and former Transurban chief Chris Lynch joining the bank’s board in December and September last year respectively.

At Westpac’s annual general meeting last month chairman John McFarlane addressed the issue of board renewal and diversity, committing to having the board comprise at least 40 per cent female directors.