Westpac group treasurer Curt Zuber to retire, Joanne Dawson takes over

Westpac CEO Peter King has one more key slot to fill after naming Joanne Dawson group treasurer to replace Curt Zuber, as the bank navigates the COVID-19 fallout.

Curt Zuber, after giving evidence in a 2017 rate-rigging lawsuit. Picture: Stuart McEvoy

Westpac has appointed Joanne Dawson as group treasurer to take the reins from retiring stalwart and executive Curt Zuber, as the bank navigates a challenging period of loan losses and funding due to fallout from COVID-19.

Westpac outlined the changeover in a statement on Tuesday, when it said Ms Dawson would permanently step into the treasurer role effective immediately, and Mr Zuber would retire from the bank in 2021.

The appointment sees Westpac chief executive Peter King plug another gap in his top ranks, but he still needs to hire a chief information officer given Craig Bright has decamped to Barclays.

Mr Zuber, a longstanding Westpac executive, has been acting in the role of institutional bank boss following the retirement of Lyn Cobley in the middle of the year. Ms Dawson was acting treasurer during that period.

Deutsche Bank’s Anthony Miller is taking over as head of the institutional bank as part of a spate of top-level changes Mr King has overseen this year after a string of exits.

Compliance shortcomings led to the departure of former CEO Brian Hartzer in late 2019, and resulted in Westpac agreeing with regulator Austrac last week to pay a $1.3bn penalty for breaking the law more than 23 million times.

Westpac has also seen turnover at the helm of its retail bank and where it last week appointed Chris de Bruin to take over after David Lindberg missed out on the CEO role at Westpac, and accepted a job at NatWest Group, formerly Royal Bank of Scotland.

Mr King has also appointed a new finance boss and chief operating officer in recent months.

On Tuesday he highlighted Ms Dawson’s experience: she had been with Westpac since 2003 and held the role of deputy treasurer since 2008.

“Her extensive experience in global funding, liquidity and balance sheet management will help ensure a smooth transition to this critical role,” he said.

Mr King thanked Mr Zuber for his hard work and service to Westpac over 25 years. “Curt has made an outstanding contribution to the group,” he said.