(Reuters) – Westpac Banking Corp, Australia’s third-biggest lender, said it had appointed Anthony Miller as its new chief executive and managing director on Monday, effective from December 16, 2024.
Miller joined the company in 2020, having served as CEO of Westpac’s Business and Wealth division. He succeeds Peter King, who is retiring after a 30-year career at Westpac including five years as CEO.
King, the company’s former CFO, was appointed acting CEO from December 2019 to March 2020. He then moved to a permanent role in April 2020, at the onset of the COVID-19 pandemic.
Westpac’s share price has doubled during King’s tenure as CEO, from April 2020 until the stock closed on Friday.
Westpac Chairman Stephen Gregg said: “Peter has provided much-needed stability to the bank while transforming risk management. He has simplified the business portfolio and returned it to growth in key areas.”
The announcement comes months after local media reported that the Australian Securities Exchange had informally asked Westpac to clarify ongoing market speculation that it was looking to replace King before the end of the year.
Miller previously served as CEO of Deutsche Bank Australia/New Zealand and co-head of the investment bank in Asia Pacific before joining Westpac. He also worked at Goldman Sachs for 16 years.