As part of the changes, current chief financial officer (CFO) Phil Coffey will move into the deputy CEO role, gaining responsibility for Westpac’s contribution to the Federal Government’s Financial System Inquiry and supporting relationship with key stakeholders.
In addition, Westpac Group chief executive officer Gail Kelly said Mr Coffey retain many of his current responsibilities for strategy and mergers and acquisitions for functions and will also continue as a director of Westpac New Zealand Limited.
“[Mr Coffey] is a deeply experience financial services executive who has served on our Executive Team for 12 years, including eight years as CFO,” Ms Kelly said.
“He is highly respected internally and externally, and has played a critical role in growing and strengthening the Group.”
“His expertise in risk, finance, capital markets and regulatory issues will be invaluable in the further development of the Group’s strategy and as we address both the challenges and opportunities facing the industry.”
Current deputy CFO Peter King has been promoted to CFO as a result of the changes.
Mr King has been with Westpac for almost 20 years and previously held responsibility for external financial reporting, group financial performance management and capital planning.
The new appointments are effective from the start of April.
