Westpac shakes up executive team

Current chief financial officer Phil Coffey will take up the role, overseeing Westpac’s contribution to the federal government’s Financial System Inquiry and supporting relationships with key stakeholders.

“[Mr Coffey] is a deeply experienced financial services executive who has served on our executive team for 12 years, including eight years as CFO,” Westpac Group chief executive officer Gail Kelly said.

“He is highly respected internally and externally, and has played a critical role in growing and strengthening the group.”

“His expertise in risk, finance, capital markets and regulatory issues will be invaluable in the further development of the group’s strategy and as we address both the challenges and opportunities facing the industry.”

Mr Coffey will also retain many of his current responsibilities for strategy and mergers and acquisitions for functions and will also continue as a director of Westpac New Zealand Limited.

Current deputy CFO Peter King has been promoted to CFO as a result of the changes.

Mr King has been with Westpac for almost 20 years and previously held responsibility for external financial reporting, group financial performance management and capital planning.

The new appointments are effective from the start of April.