Westpac CFO Michael Rowland to go as successor search kicks off
An expected spate of executive changes at Westpac are set to occur after the bank’s CFO announced his plans to leave.
Westpac will kick off a hunt for a new chief financial officer after veteran banker Michael Rowland revealed he would depart the banking major in 2025, with no clear successor.
The bank's new chief executive Anthony Miller announced the news that Mr Rowland would depart in an ASX statement on Tuesday, amid expectations of further executive changes after the bank’s key leadership handover this week.
The Australian flagged on December 8 that Mr Rowland may shortly call time on his more than four-year tenure at the Sydney-based bank.
Mr Rowland’s move comes as investors watch for any further changes to Westpac’s executive bench, particularly head of the retail bank Jason Yetton, who missed out on the CEO role to Mr Miller. The statement on Mr Rowland’s retirement suggests that Mr Yetton is staying put in the near term.
There are several internal contenders in line to replace Mr Rowland as CFO. Sources suggested while the bank may opt for an external candidate, the leading internal executives that would be assessed for the role include Westpac’s treasurer Jo Dawson and Scott Manning, the consumer bank’s CFO and a former research analyst covering the sector.
Mr Rowland, 63, joined Westpac as CFO in September 2020 to oversee the finance, audit, investor relations, tax and treasury functions.
His departure is set to take place next year after Westpac identifies a replacement and comes almost five years after he joined the banking major from KPMG.
Mr Rowland will continue as CFO in the interim
Mr Miller, who previously led Westpac’s business bank took on the top job on Monday from Peter King, thanked Mr Rowland for his work, noting he had been critical in dealing with challenging periods including the Covid-19 pandemic and fortifying the bank’s balance sheet.
“During his tenure, he’s seen the company through a significant business transformation, maintained a robust capital position and overseen consistent, sustainable returns to shareholders,” Mr Miller said.
“Michael is a team player known for his characteristic mix of dedication, attention to detail and sense of humour.”
Mr Miller is also seeking to fill his former role as business banking and wealth boss at Westpac, where an internal and external search is underway.
News announced in Britain overnight that NatWest head of retail David Lindberg will step down in 2025, has stoked talk that the former Westpac executive may be headed back to Australia after missing out on NatWest’s top job earlier this year.
Internal candidates for Mr Miller’s former position include head of consumer and business banking Shane Howell and Corporate and institutional bank general manager Alastair Welsh.
Peter Herbert was last month appointed acting boss of business banking and wealth, moving from his position as chief operating officer of the division.
The latest moves in Westpac come amid a period of immense change for the Australian banking sector, with three new CEOs announced or started across the four majors this year.
Even Commonwealth Bank has seen some friction at the top with Sinead Taylor elevated to run the institutional bank while Andrew Hinchcliff, who ran the arm, was promoted to replace Nigel Williams, who retires as chief risk officer.
ANZ CEO Shayne Elliott is also going next year and will be replaced by former HSBC banker Nuno Matos after internal candidates missed out at the top job.
National Australian Bank boss Andrew Irvine, who replaced veteran Ross McEwan, has also tweaked his top team with a new head of business lending, personal banking, and corporate and institutional banking.
But Westpac is yet to fill out its executive bench with new appointments, with the bank still to find a replacement for Mr Miller as the head of the business bank.
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