Westpac announces CFO Michael Rowland will depart in 2025

Westpac has announced its chief financial officer is leaving the company just months after its chief executive announced his retirement.

Westpac has begun its search for a new chief financial officer just months after veteran banker Peter King said he would leave the company in 2025.

In a statement to the ASX, Westpac confirmed Michael Rowland has told the company of his intention to leave the company and retire.

The latest management change comes just months after Westpac named Anthony Miller head of the business unit following the retirement of outgoing chief executive Peter King.

Westpac is searching for a new chief financial officer. Picture: NewsWire / David Crosling

Mr Rowland, 63, joined Westpac as chief financial officer in 2020, playing a major role in the bank’s response to the Covid pandemic.

“Michael has played an important role in the financial management of Westpac since the

disruption of Covid-19 and has been instrumental in establishing Westpac’s strong

position,” Mr Miller said.

Mr Rowland’s departure is set to take place next year after Westpac identifies a replacement.

“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.

“I thank Michael for his service to Westpac and wish him all the very best as he steps

into the next chapter of his career.”

Mr Rowland will remain in his role while a search is undertaken for his successor.

Originally published as Westpac announces CFO Michael Rowland will depart in 2025