The Westpac Board of Directors has announced the appointment of Anthony Miller as Group CEO and Managing Director, commencing 16 December 2024.
Mr Miller, currently Chief Executive of Westpac's Business & Wealth division, will succeed Peter King, who will retire after a 30-year career at Westpac including five years as CEO.
Westpac Chair Steven Gregg said Mr Miller is the right person to take the company into a new era.
"Anthony is an exceptional leader. He's an individual of integrity and he's ready to lead Australia's oldest company. He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years," Mr Gregg said.
"Anthony is ambitious for the future of Westpac and its customers. Since joining Westpac in 2020, he's put the Institutional Bank on a path to reclaiming its leadership position. He's spent the past year leading Business & Wealth, restoring growth and focusing on customers."
Prior to joining Westpac Mr Miller was Deutsche Bank's CEO of Australia/NZ and Co-Head of Investment Bank, APAC. He also spent 16 years at Goldman Sachs, including as Partner.
"In our search for a CEO, we looked for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market," Mr Gregg said.
"Anthony is that executive. He has a vision to return Westpac to a position of leadership and build on the foundational work of the past five years. As an internal appointment Anthony knows what needs to be done and will move at pace, ensuring a seamless transition."
Mr Miller said he's honoured by the appointment.
"Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians," Mr Miller said.
"I'm excited by the opportunity and I'm grateful for Peter's significant contribution as CEO. My aspiration is to build on that work and unleash Westpac's true potential.
"I want Westpac to be a bank built on trust and reliability - always there to help our customers through every one of life's moments.
"I'm committed to growing the bank safely and sustainably, completing the Customer Outcomes and Risk Excellence transition and delivering UNITE, our business and technology simplification."
Chair Steven Gregg thanked Peter King for his decades of service to Westpac.
"Peter has done an outstanding job as CEO of Westpac," Mr Gregg said.
"He stepped in at a very difficult time in 2019, steering the company through several regulatory challenges and the COVID pandemic. Since then, Peter has provided much-needed stability to the bank while transforming risk management. He simplified the company's portfolio of businesses and returned it to growth in key divisions. He's now begun the critical task of technology simplification, which will continue under Anthony.
"Peter's time as CEO will forever be defined by his courage and commitment to Westpac. He leaves a significant legacy and we owe him a great debt of gratitude," Mr Gregg said.
Mr King welcomed the appointment of Mr Miller as his successor.
"Anthony will make a great CEO. In his time at Westpac he's proven he has what it takes to deliver for customers, employees and shareholders. He's an experienced banker, with customers at the heart," Mr King said.
"As a result of the hard work completed over the past five years, Westpac is now a simpler, stronger bank, with an improved risk culture. The company is well-placed for its next phase under Anthony."
Mr Miller holds a Bachelor of Laws from Queensland University of Technology and a Bachelor of Arts in Modern Asian Studies from Griffith University.
A full summary of Mr Miller's biography and employment conditions is available via the ASX announcement.
