Westpac names KPMG partner Michael Rowland as new CFO

Westpac has chosen a KPMG partner to take over from acting CFO Gary Thursby.

Westpac’s CFO seat has been vacant since Spetember 2019, with acting CFO Gary Thursby filling the role. Picture: NCA NewsWire

Westpac has appointed KPMG partner Michael Rowland as incoming chief financial officer.

Gary Thursby, who has been acting CFO since December, will continue acting in the role until Mr Rowland officially starts in the role later this year, Westpac said in a statement to the ASX on Tuesday morning.

Mr Rowland’s appointment remains subject to regulatory approval.

“Michael’s experience is broad across both CFO and business leadership roles. His most recent experience in consulting as a senior partner at KPMG also brings valuable external perspectives,” said Westpac chief executive Peter King.

Incoming Westpac chief financial officer Michael Rowland.

“In particular, Michael’s expertise in business restructuring, delivering sustainable productivity and revenue programs and in disciplined financial management will be an important contributor to making Westpac a simpler and stronger bank.

“I’m delighted that Westpac has attracted someone of Michael’s calibre.”

Mr Rowland has been a partner in KPMG’s management consulting service line since 2014, where he specialises in financial services.

Prior to that, Mr Rowland held a number of senior executive positions at ANZ from 1999 to 2013, including CFO Institutional Banking, CFO Wealth, CFO New Zealand, CFO Personal Financial Services, and business leadership roles as CEO Pacific, managing director mortgages and general manager, transformation.

He spent two years as CFO at ING Australia following the creation of a joint venture between ING and ANZ.

The appointment comes after then CFO Mr King said he’d step down from the role in September last year, giving the bank 12 months’ notice. Mr King then took on the role of acting chief executive following the resignation of Brian Hartzer in November last year.