Chairman-elect says bank is "in a period of transition"
Westpac announced the appointment of Steven Gregg (pictured left) as its new chairman. He is expected to take the top board seat at the group’s annual shareholder meeting when John McFarlane, the current chairman (pictured right), retires after three years in the role.
McFarlane welcomed the appointment, describing Gregg as a “world-class executive and director who will bring a fresh perspective” to Westpac. “[He has] a strong track record of disciplined decision-making and contributions to board oversight of organisations undergoing technology transformation,” said McFarlane.
Gregg is the current chairman of The Lottery Corporation and Ampol (formerly Caltex Australia). According to a Financial Review report, Gregg took an important role in the 2019 rebranding of Ampol after the Chevron Group “tore up” the licensing agreement with the local petroleum giant. He also was involved in Tabcorp’s demerger, “rejecting opportunistic $3.5 billion bids” for its gaming arm from Entain and Apollo.
The appointment follows news that the Australian Securities & Investments Commission (ASIC) took legal action against the bank for failing to respond to hardship application requests from customers who are financially struggling. Analysts hoped this would push Westpac to invest more in technology.
“From my observation, Westpac is in a period of transition. After the hard work of simplification over the past three years, now is the time to look forward and have a strong ambition,” said Gregg.
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