New chief for major bank

by Adam Smith13 Nov 2014
A major bank has announced a new CEO after its current chief's retirement announcement.

Westpac chief Gail Kelly has announced her retirement this morning, saying she will step down on 1 February. Westpac chairman Lindsay Maxsted praised Kelly's work with the bank.

"Gail is one of Australia's most successful CEOs.  She was appointed as the Global Financial Crisis was unfolding and her leadership and dedication has seen Westpac emerge a stronger and better company. During her tenure the value of the company has more than doubled, with market capitalisation increasing from just under $50 billion to around $104 billion."

Maxsted also pointed to Kelly's role in the bank's merger with St. George.

The board has appointed retail banking exec Brian Hartzer as its new CEO. Hartzer is currently the chief executive of Australian Financial Services foor the group.

"I'm delighted Brian Hartzer has been appointed to the role.  Brian and I have worked closely during the past two and a half years.  He is a proven leader and a wonderful fit for the Westpac culture. This is an exciting time for the Group," Kelly said.