Westpac Appoints Wealth Boss Anthony Miller as Chief Executive — Update

By Stuart Condie

SYDNEY--Westpac, Australia's oldest and third-largest bank, appointed Anthony Miller as chief executive and managing director to replace the retiring Peter King.

Westpac on Monday said that Miller, who currently leads the Sydney-based lender's business and wealth division, will replace King on Dec. 16.

A former Deutsche Bank executive and Goldman Sachs partner, Miller joined Westpac in 2020.

"He has a vision to return Westpac to a position of leadership and build on the foundational work of the past five years. As an internal appointment Anthony knows what needs to be done and will move at pace, ensuring a seamless transition," Chairman Steven Gregg said.

King plans to retire after 30 years with Westpac, including five as chief executive. As chief financial officer, King had announced plans to retire in 2020 but was thrust into the CEO role in late 2019 when predecessor Brian Hartzer quit amid allegations by a regulator of mass breaches of anti-money laundering laws.

With King in charge, Westpac admitted to the breaches and agreed to pay a penalty of 1.3 billion Australian dollars (US$867 million).

Founded in 1817 as the Bank of New South Wales, Westpac is Australia's third-largest lender by market capitalization, after National Australia Bank and No. 1 Commonwealth Bank.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

September 08, 2024 18:35 ET (22:35 GMT)

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