Executive Moves of the Week: Westpac, Lunar, DBS, and Riot Welcome New Leaders

​This week's executive transitions highlight major leadership shifts across the banking, fintech, and crypto sectors. Westpac Banking Corporation has strengthened its governance with the appointment of Debra Hazelton and David Cohen as independent Non-Executive Directors, while Danish digital bank Lunar has named Nanna Bergmann as General Manager of its payments subsidiary, Moonrise, signaling a focus on enterprise payments. In Asia, DBS Bank has reshuffled its senior leadership, appointing Derrick Goh as its first Group COO and preparing for the retirement of long-time executive Jimmy Ng. Meanwhile, iForex has welcomed back former CTO Hemi Algranaty as Head of Innovation to spearhead AI-driven growth. In the crypto sector, Riot Platforms has brought in three industry veterans to lead its strategic pivot toward AI and high-performance computing, reflecting a broader trend among crypto miners adapting to market shifts.

Westpac Banking Corporation Adds Two Independent Non-Executive Directors

Westpac Banking Corporation has announced the appointment of Debra Hazelton and David Cohen as independent Non-Executive Directors, pending regulatory approval. Hazelton is set to join the board around 3 March 2025, while Cohen's appointment is expected to take effect around 1 April 2025.

Hazelton, who has experience in banking transformation, capital markets, and organizational management in Australia and Japan, will serve on Westpac's Board Remuneration Committee. She currently chairs Export Finance Australia and holds directorships at Persol Holdings Co. Ltd. and Australia Post. Her previous roles include Chair of AMP Ltd and AMP Bank.

Cohen has extensive experience in financial services and corporate governance. He was Deputy Chief Executive Officer at Commonwealth Bank of Australia (CBA) from 2018 to 2023, overseeing business divestments, mergers and acquisitions, and regulatory compliance matters. Before that, he held senior executive roles at CBA, including Group General Counsel and Chief Risk Officer. He will join Westpac's Board Risk Committee.

Westpac's board changes come as the bank continues to adjust its governance structure in response to regulatory and operational priorities.

Lunar Appoints Banking Veteran Nanna Bergmann

Danish digital bank Lunar has named Nanna Bergmann, former strategy director at The Bank of London, as General Manager of its payments infrastructure subsidiary Moonrise. The unit, spun off from Lunar's Banking-as-a-Service division in December 2023, aims to provide Nordic-focused payment solutions, including multi-currency clearing and corporate accounts.

Moonrise reports a daily transaction volume exceeding €5 billion and has partnered with fintechs like Trustly and TrueLayer. Lunar CEO Ken Villum Klausen stated the spin-off allows the firm to "sharpen our focus on enterprise payments and scale independently," positioning Moonrise as a "unified Nordic solution" for regulated financial institutions.

Bergmann, who founded the non-profit Always Unicorns and held leadership roles at Google UK and Arla Foods, will oversee Moonrise's expansion. Her appointment signals Lunar's ambition to solidify its foothold in the Nordic payments sector.

DBS Announces Senior-Level Appointments Ahead of 2025 Executive Changes

DBS Bank has announced a series of senior-level appointments, set to take effect on 1 April 2025. These changes reflect the bank's ongoing efforts to promote internal talent and enhance its leadership structure.

Derrick Goh, who currently heads Group Audit, will take on the newly established role of Group Chief Operating Officer (COO). Goh will oversee the Operations and Transformation Group, with his new position also making him a member of the Group Executive Committee. Goh has been with DBS since 2008, holding various leadership positions within the bank, including roles in wealth management, consumer banking, and institutional banking.

Koh Kar Siong, presently the Group Head of Corporate and SME Banking, will succeed Goh as the Group Head of Audit. Koh has been with DBS since 2003 and has gained experience across multiple businesses and regions, including leading SME Banking in Singapore and holding senior roles in the bank's consumer banking and wealth management divisions.

Additionally, DBS announced the retirement of Jimmy Ng, the Group Head of Operations, who will step down from executive duties on 1 July 2025. Ng has been with the bank for 15 years and played a key role in the development of DBS's innovation strategies, particularly in the areas of data analytics and agile working. He will continue to contribute as a Senior Advisor for artificial intelligence initiatives at the bank until the end of 2025.

Piyush Gupta, DBS CEO, acknowledged the bank's efforts in developing its leadership from within and thanked Jimmy Ng for his significant contributions to the bank's innovation strategies. The upcoming leadership changes will ensure a smooth transition as the bank continues to focus on its growth and transformation.

iForex Appoints Former CTO as Head of Innovation, Focusing on AI

British Virgin Islands-headquartered online trading platform iForex has announced the return of Hemi Algranaty to the company as its new Head of Innovation, effective immediately. Algranaty previously served as iForex's CTO for 12 years before departing in 2021 to assume the same role at competitor Wiser Market.

Now, he returns to iForex with a focus on leveraging artificial intelligence. The company stated that Algranaty's mandate includes "harnessing the power of AI to support business growth, enhance user experience, and develop new marketing products." This move follows iForex's launch of an AI-powered trading assistant in July 2022.

In addition to Algranaty's appointment, iForex has also named Pavlos Antoniou as its new EU Marketing Director. iForex CEO Itai Sadeh commented that these new additions will allow the company to "build upon our offering and access new markets."

Founded in 1996, iForex offers contract for difference (CFD) trading across a range of instruments, including currencies, commodities and crypto, and operates in 159 countries.

Leadership Changes At Riot Platforms Signal Strategic Shift Toward AI and HPC

Riot Platforms is accelerating its expansion into Artificial Intelligence (AI) and high-performance computing (HPC) as it seeks to diversify revenue streams beyond Bitcoin mining. To drive this transition, Riot has appointed three industry veterans to its board: Jaime Leverton, former Hut 8 CEO; Doug Mouton, an ex-Meta senior engineer; and Michael Turner, a data center and real estate expert. Their expertise in AI infrastructure, large-scale data centers, and strategic expansion aligns with Riot's vision to leverage its power assets for new opportunities.

The shift follows increasing mining difficulties and activist investor pressure to explore alternative growth avenues. While Riot acknowledges uncertainties in repurposing its infrastructure for AI, it has engaged financial advisors to assess strategic partnerships. The move mirrors a broader trend among crypto miners pivoting toward AI, positioning Riot as a potential leader in the evolving tech landscape.