(Reuters) – Australia's third-largest bank Westpac Banking Corp on Monday appointed Anthony Miller as its new chief executive officer and managing director, effective Dec. 16, 2024.
Miller, who joined the company in 2020, was previously chief executive officer of Westpac's business and wealth division. He replaces Peter King, who is retiring after 30 years at Westpac, including five years as CEO.
King, the company's former chief financial officer, was appointed acting CEO from December 2019 to March 2020, then transitioned to the full-time role in April 2020 around the time of the outbreak of the COVID-19 pandemic.
Westpac's shares doubled between April 2020, when King took over as CEO, and Friday's close.
“Peter has brought much-needed stability to the bank while reforming risk management. He has simplified the company's business portfolio and restored growth in key divisions,” Westpac chairman Stephen Gregg said.
The announcement comes months after local media reported that the Australian Securities Exchange had informally asked Westpac Banking Corporation to explain market speculation that it was considering replacing King by the end of the year.
Prior to joining Westpac, Miller was CEO of Deutsche Bank's Australia and New Zealand operations and co-head of investment banking in Asia Pacific, and also spent 16 years at Goldman Sachs.
