Peter King said he leaves Westpac in a strong position to navigate Australia’s economic recovery, signing off as CEO at the bank’s AGM after a three-decade career with the bank.
King said he was happy with Westpac’s progress over the past twelve months in improving service and strengthening risk management while also delivering solid financial returns.
"Over my three decades, Westpac has evolved in ways that make me incredibly proud,” King said in a speech to the annual general meeting in Sydney.
"We’ve adapted to a changing economy, higher expectations from communities, more regulation and the digitisation of the bank and the economy.”
King took over as CEO at a challenging time for the bank in 2019 but leaves it in much better shape.
The bank is simpler following the exit of 10 businesses while Westpac’s approach to risk culture and management has “dramatically improved”, King said, adding there was still more work to do.
“The next step in simplifying the bank for customers and employees is completing the UNITE program, which we started this year and will set us up for future success.”
King said he was happy with the progress of UNITE – a business-led, tech-enabled simplification program - with 39 out of an estimated 61 initiatives underway. Delivering the program will be a top priority for incoming CEO Anthony Miller.
Westpac Chairman Steven Gregg and Peter King. (Adam Hollingworth)
Chairman Steven Gregg thanked King for his “immense contribution” to the bank.
“Few people achieve such longevity and progression within the same organisation, which speaks highly of Westpac’s ability in identifying and promoting talent from within,” Gregg told the AGM.
Not only did King deliver a major overhaul of the bank’s risk culture, he also led the organisation through the unprecedented disruption caused by COVID, as well as presiding over huge advances in digital technology, scams protection and customer advocacy, Gregg said.
Turning to the future, Gregg said Westpac had appointed an “outstanding leader” in Miller, with the ability, drive and ambition to lead the bank into the future.
“He has a clear vision to return Westpac to a leadership position and to build on the strategy and momentum of the past few years.”
James Thornhill was appointed as editor of Westpac Wire in May 2022. Prior to joining the bank, he was a business and financial journalist with more than two decades of experience with international newswires. Most recently, he was a resources correspondent for Bloomberg, covering the mining and energy sectors, and previously reported on a broad range of topics from economics and politics to currency and bond markets. Originally from the UK, he’s had stints working in London, New York and Singapore, but is now happily settled in Sydney.
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