Westpac CEO to stick around

After stepping into the interim chief executive role following the departure of predecessor Brian Hartzer, Peter King quickly found himself promoted to the permanent position as COVID-19 created the need for a steady hand on the tiller. Now it seems that he’ll be sticking around even longer, with the amendment of his contract to remove the two-year term.

“In the short time Peter has been CEO, he has made a significant contribution to Westpac in a year of unprecedented change,” said chairman John McFarlane.

“He has guided Westpac through the challenges of COVID-19 as well as settling the AUSTRAC matter. His strategy reset is already driving fundamental change to how the company operates with clearer accountability, faster decision making and a focus on improving risk management.”

Mr King appears to have excelled in his role despite being given the unenviable job of clearing up his predecessor’s mess, and has led an executive refresh along with bringing the AUSTRAC matter to a close. Initially slated for retirement before taking on the job, Mr King now looks to be settling into a long-term transformative role at the big four bank.

“It is a privilege to lead Westpac,” Mr King said.

“While I am pleased with what we have achieved over the last six months, we have a significant agenda ahead that requires a longer-term commitment than two years. I am determined to see Westpac return to a leadership position.”