Westpac is expected to name former ANZ CEO, John McFarlane as its new chair, to replace Lindsay Maxstead who is leaving the bank in the wake of the multi-billion dollar money-laundering scandal.
Mr McFarlane is served as chair of UK banking giant, Barclays from 2015 to 2019. He was also chair of insurer, Aviva.
Mr McFarlane ran ANZ for a decade to 2007, will have theimportant job of choosing a long-term chief executive to replace Brian Hartzer, who also last year resigned as a result of the laundering scandal.
Former finance chief Peter King is acting as CEO and is viewed as a key internal candidate to be CEO in the long-term.
But some investors are looking for an external hire as the next chief executive.
Analysts said on Wednesday night board had opted for Mr McFarlane in part because it needed a “change agent” with extensive retail banking experience, a strong track record, and a deep understanding of Australia’s banking market.
He is certainly a change agent – in mid 2015 (seven months after taking up the chairmanship) he fired then Barclays CEO, Antony Jenkins and made himself acting executive chair. That was what he did at Aviva back in 2012.
