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.
Lindsay Maxsted could step down from all three of his board positions by the end of the year.
Local fintech Airwallex is fighting to overturn a Hong Kong police order freezing $26 million of its funds following an alleged fraud.
Westpac's next chairman will face investor pressure to rethink executive pay,after a backlash sparked calls for the board to cut or claw back bonuses.
Westpac has copped an historic second"strike"on executive pay but avoided further bloodshed on its board.
Public outrage was a factor in Westpac's purge - but it was a powerful group of investors who ultimately forced the bank's hand.
In an email to staff on Friday Westpac's new boss Peter King has vowed to deal with the serious problems raised by AUSTRAC as he tries to bring about stability.
Superannuation giant HESTA has warned its support for reappointing Westpac directors will be influenced by whether the board can lay out a clear plan for improving governance and culture.
Two proxy advice firms are recommending shareholders vote against the re-election of longstanding board member Peter Marriott.
The blood-letting at Westpac provides a new benchmark for corporate governance that other large companies will find uncomfortable.