- Westpac (WBC) has appointed Peter King as its new Chief Executive Officer
- Mr King has been the acting CEO since December last year, but company Chairman John McFarlane urged he move into a more stable role
- Peter is committed to leading Westpac through the COVID-19 crisis by providing customers with genuine care and financial support
- The new CEO has worked for Westpac since 1994 and has held various senior roles, including Chief Financial Officer
- Westpac’s shares are down 5.27 per cent and are trading at $15.82 each
Westpac Banking Corporation (WBC) has appointed Peter King as its new Chief Executive Officer.
Previously, Peter was Westpac’s Chief Financial Officer and has also been the acting CEO since December 2019. However, Chairman John McFarlane urged he move into a more stable role because of the global stress and uncertainty.
“I believe we need a Chief Executive in place now, not later, and with full, rather than acting authority. On my recommendation, the Board has appointed Peter King as CEO. Peter has agreed to do this for two years,” John said.
Peter first joined the company in 1994. Since then, he has been Deputy Chief Financial Officer for three years and has held senior positions within the Group Finance, Business and Consumer Banking, Business and Technology Services, Treasury and Financial Markets areas.
“We are focused on responding to the COVID-19 outbreak and supporting our customers and protecting our people. We have a critical role to play alongside Government and regulators in supporting Australians and New Zealanders and our countries’ financial systems,” Peter said.
Peter is committed to leading Westpac through this crisis by providing customers with genuine care and financial support.
He claims his medium-term priorities are to drive business performance, simplify the business through digital transformation, and improve the company’s service culture and risk management capabilities.
“We will need to be fast, agile and responsive to customer and community needs,” Peter stated.
On the impacts the coronavirus will have on the bank, the Chairman expects there will be a rise in credit provisioning this year and even in the longer term.
Westpac’s shares are down 5.27 per cent and are trading at $15.82 each at 12:18 pm AEDT.