Anthony Miller takes the helm as King leaves after steering the bank through transformation and challenges
Peter King (pictured above right) has officially stepped down as chief executive of Westpac, concluding a 30-year career at the bank during its annual general meeting (AGM) in Sydney.
King, who took on the top role in 2019 during a challenging period for the bank, said he was leaving Westpac in a strong position to navigate Australia’s economic recovery.
Reflecting on his tenure, King expressed satisfaction with Westpac’s progress over the past year in improving service delivery, strengthening risk management, and achieving solid financial results.
“Over my three decades, Westpac has evolved in ways that make me incredibly proud,” King said in his AGM address. “We’ve adapted to a changing economy, higher expectations from communities, more regulation and the digitisation of the bank and the economy.”
Under King’s leadership, Westpac has exited 10 businesses as part of a simplification strategy. He noted that the bank’s risk culture and management had “dramatically improved” but acknowledged there was still more work to be done.
Key to Westpac’s transformation has been the ongoing implementation of the UNITE program, a business-led, tech-driven initiative aimed at streamlining operations and improving efficiency. King said 39 out of the program’s 61 initiatives were underway, describing it as critical to the bank’s future success.
“The next step in simplifying the bank for customers and employees is completing the UNITE program, which we started this year and will set us up for future success,” King said.
Delivering the program will now be a priority for incoming CEO Anthony Miller (pictured above left). He officially assumes the role on Dec. 16 following King’s departure.
Westpac chairman Steven Gregg acknowledged King for his contributions to the bank, including his leadership through the disruption of COVID-19, improvements to risk culture, and advancements in digital technology and scams protection.
“Few people achieve such longevity and progression within the same organisation, which speaks highly of Westpac’s ability in identifying and promoting talent from within,” Gregg said.
Looking ahead, Gregg said Miller was well-equipped to take the reins, describing him as an “outstanding leader” with the vision and ambition to drive Westpac’s strategy forward.
“He has a clear vision to return Westpac to a leadership position and to build on the strategy and momentum of the past few years,” Gregg told shareholders.
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