Westpac business exec exits amidst restructure

The new combined business and consumer division will be led by the current chief executive for consumer Chris de Bruin. Current chief executive for business Guil Lima will be leaving the group.

“Our new lines of business operating model has given us a solid foundation for this change, with greater clarity on accountability and a common management approach across each of the six business lines,” said CEO Peter King.

“The combined division will drive simplification of banking and help to reduce cost, including by consolidating support functions. The change will enable more efficient utilisation of common assets such as branches and call centres, and better capitalise in the work underway to improve our capabilities, particularly in service, digital data.”

Mr King thanked Mr Lima for leading the business division over the past 15 months, “particularly during COVID-19”. The changes will be effective from 22 March.