The banking veteran will retire at next year’s annual meeting, signalling the lender has made good progress on its transformation agenda.
Westpac chairman John McFarlane will retire at next year’s annual meeting, signalling the bank has made good progress on its transformation agenda.
McFarlane, 75, joined the Westpac board in February 2020 and was appointed chairman in April 2020. Before doing a stint overseas in financial services, he was previously a chief executive at ANZ for a decade to 2007.of businesses, particularly institutional, business, and consumer banking,” he said. In his address to the company’s annual meeting in Melbourne, Mr King signalled that the bank was ready to support customers through a “tougher period.”
The banks will enter the downturn well-capitalised and with historically low loan losses. Mr King said Westpac was ready to “herald a new phase” in 2023 after its work to simplify and strengthen the bank through its major remediation program.“With our strong balance sheet, sharper strategy and committed team, we are focused on strengthening the franchise and accelerating performance,” he said.
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