Westpac has announced the appointment of Steven Gregg as non-executive director and chairman-elect, set to succeed outgoing chairman John McFarlane, who will complete his term at this year’s AGM in December.
Mr Gregg’s appointment is effective 7 November 2023, subject to regulatory approvals.
Following his appointment, Mr Gregg has rationalised his current director portfolio by retiring as non-executive director of Challenger Financial Group Limited, in addition to announcing his intention of retiring as chair and non-executive director of The Lottery Corporation in the first quarter of the 2024 calendar year.
Commenting on the changeover, Mr McFarlane said that Mr Gregg is the right leader to take Westpac into its “next chapter”.
“With a long career in corporate and investment banking across Asia, Europe and the US, combined with his experience chairing ASX 100 companies, Steven is a world-class executive and director who will bring a fresh perspective to the board,” Mr McFarlane continued.
“He has deep experience chairing consumer-focused companies, a strong track record of disciplined decision making and contributions to board oversight of organisations undergoing technology transformation.”
Mr McFarlane further recounted that, when first taking on the role of chair in 2020, he made a commitment to shareholders to build a “customer-focused digital bank”.
“We have made great progress in achieving these goals and turning Westpac around.
“I’m confident that Steven will build on that success, working closely with Peter, the executive team, and directors.”
Mr Gregg added that he’s looking forward to joining the Westpac board.
“Westpac is a wonderful company, the oldest company in the country, the first bank, and an organisation that has so much potential. I look forward to making a big contribution,” he said.
Moreover, Mr Gregg said he has observed Westpac in a period of transition. Following the bank’s simplification endeavours over the last three years, he asserted that now is the time to look towards the future with ambition.
“My priority will be working closely with fellow directors and the management team to deliver the very best service for our customers and better returns for our shareholders.
“There are so many things to look forward to at Westpac: working with a great team, taking the organisation to the next level and helping it move forward.
“It will be a privilege to succeed John McFarlane and build on the important work of the past few years,” he concluded.