Westpac (ASX:WBC) Chairman John McFarlane today announced the appointment of Peter King as Chief Executive Officer.
McFarlane says in moments of global stress and uncertainty, management stability and strength are vital.
Peter King has worked at Westpac for the past 25 years.
McFarlane says the Board and CEO had decided CEO and Group Executive annual Short-Term Variable Rewards for 2020 will be cancelled, in recognition of collective accountability for the financial crime outcomes in Westpac’s business which led to the action brought by AUSTRAC.
Mr McFarlane says they expect to see a rise in credit provisioning this year and probably beyond, which will be accelerated by recently implemented accounting standards.
Shares in Westpac (ASX:WBC) are trading 5.03 per cent lower at $15.86.