Westpac Group Chairman Lindsay Maxsted announced a number of executive and Board changes in the wake of the AUSTRAC Statement of Claim. Group Chief Executive Officer (CEO), Brian Hartzer will be stepping down as CEO with current Chief Financial Officer (CFO), Peter King taking over as acting CEO, effective 2 December. Current Chief Operating Officer, Gary Thursby will act as CFO.

In addition to the executive changes, Mr. Maxsted also announced that long-standing Director, Ewen Crouch has decided he will not seek re-election at the upcoming Westpac AGM. Mr. Maxsted has also confirmed he will bring forward his retirement as Chairman to the first half of 2020. This will enable an incoming Chairman and the Board to oversee the appointment of a permanent CEO.

Alastair Welsh has been appointed Acting Group Executive Enterprise Services. Mr. Welsh has been acting in the role of Chief Executive Business since April 2019, with Westpac announcing Guilherme (Guil) Lima as new Chief Executive Business in June. Mr. Lima will start with the bank on 2 December.