The Ampol chairman will start in Westpac’s top board position,continuing a technology transformation after the bank slimmed down under retiring chair John McFarlane.
Westpac chairman John McFarlane defended the bank’s fossil fuel lending policies as he announced he would retire next year after a period of restructuring.
Frustrated Westpac shareholders have lashed out at the bank’s poor financial performance,hitting the lender with a first strike on executive pay at a feisty annual general meeting.
The real challenge for Peter King and the other bank CEOs will be in dealing with the aftermath - navigating their way through a shell-shocked economy.
Westpac lucked out in its search for a successor to Lindsay Maxsted as chairman. The right man was in the right place at exactly the right time.
Incoming Westpac chairman John McFarlane has signalled he will seek out an experienced commercial banker to be the lender's next chief executive.