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Westpac appoints Peter King as its Chief Executive Officer

WestpacWestpac Chairman John McFarlane announced the appointment of Peter King as its Chief Executive Officer and enunciated that in moments of global stress and uncertainty, management stability and strength are vital. King has been with the bank for the past 25 years.

McFarlane emphasised, “…I have built a strong relationship with Peter since we first met. He understands the bank, its business and its finances, and has the confidence of the management team, as well as my own and that of the Board…”

McFarlane said the Board and CEO had decided CEO and Group Executive annual Short-Term Variable Rewards for 2020 will be cancelled, in recognition of collective accountability for the financial crime outcomes in Westpac’s business which led to the action brought by AUSTRAC.

King enunciated, “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…”

He further stated, “Across our organisation, we are working hard to ensure we remain open for business so we can continue to help customers with their financial situation.

“We must also look to the future for the best way for Westpac to meet the challenges ahead. We will need to be fast, agile and responsive to customer and community needs.

“My medium-term priorities remain to drive performance through our lines of business and sharper accountability, simplify the business through digital transformation, and lift our service culture and risk management capability.”

Sydney-based Westpac Bank had announced in March its support for customers and the community in the wake of the coronavirus (COVID-19) pandemic situation. The bank has released the COVID-19 Customer Support, a range of measures for personal and business banking customers.

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