Westpac Announces New CEO as Peter King Prepares for Retirement

Westpac Banking Corp has appointed Anthony Miller as its new Chief Executive Officer and Managing Director, effective December 16, 2024. Miller, who is currently the head of Westpac's business and wealth division, will succeed Peter King, who is retiring after a notable 30-year career with the bank.

King's retirement is set for December 15, 2024, concluding a tenure marked by significant challenges and achievements. He was appointed as acting CEO in December 2019 and transitioned to a permanent role in April 2020. During his leadership, King guided Westpac through the complexities of the COVID-19 pandemic and addressed several risk issues, leading to a notable recovery. Under his stewardship, Westpac's stock price doubled.

Before joining Westpac, Miller served as CEO of Deutsche Bank's Australia and New Zealand operations and held senior roles at Goldman Sachs. His extensive experience in the financial sector positions him to continue Westpac's strategic initiatives, particularly in technology simplification and operational efficiency.

Nathan Zaia, a senior equities analyst at Morningstar, commented on Miller's appointment, "We would not expect the new leadership to change the direction or outlook for Westpac. King took control at a difficult time for the bank, and he leaves it in pretty good shape having returned the bank to loan and earnings growth and resolved a number of risk issues."

Westpac's Chair, Steven Gregg, praised King's contributions, stating, "Peter has provided much-needed stability to the bank while transforming risk management. He simplified the company's portfolio of businesses and returned it to growth in key divisions."