Westpac names Anthony Miller as new CEO to succeed Peter King

Westpac has named business and wealth division head Anthony Miller as its next chief executive, succeeding Peter King.

Mr Miller, who has held senior roles at Deutsche Bank and Goldman Sachs, has been with the big four bank since 2020. He will start in the role on December 16.

Mr Miller, who will be tasked with continuing efforts to simplify Westpac’s technology systems, will have a fixed remuneration of $2.5 million as well as shorter and longer term variable compensation.

“Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians,” he said.

“I’m excited by the opportunity and I’m grateful for Peter’s significant contribution as CEO.

“My aspiration is to build on that work and unleash Westpac’s true potential. I want Westpac to be a bank built on trust and reliability – always there to help our customers through every one of life’s moments.

“I’m committed to growing the bank safely and sustainably, completing the customer outcomes and risk excellence transition and delivering UNITE, our business and technology simplification.”

Mr Miller was Deutsche Bank’s chief executive of Australia and New Zealand and co-head of Investment Bank in the Asia Pacific region. He also spent 16 years at Goldman Sachs, including as partner after starting his career as a lawyer in Sydney and Brisbane.

Westpac chair Steven Gregg said Mr Miller was the right person to take the company into a new era.

“Anthony is an exceptional leader. He’s an individual of integrity and he’s ready to lead Australia’s oldest company,” Mr Gregg said.

“He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years.

“Anthony is ambitious for the future of Westpac and its customers. Since joining Westpac in 2020, he’s put the institutional bank on a path to reclaiming its leadership position. He’s spent the past year leading business and wealth, restoring growth and focusing on customers.”

Mr King steered the lender though several regulatory challenges and the global pandemic and is known for his drive to simplify the bank to focus on core areas. He will retire after a 30-year career at Westpac, including five years as CEO.

Mr Gregg said Mr King had done an “outstanding” job.

“Peter has provided much needed stability to the bank while transforming risk management,” he said.

“He simplified the company’s portfolio of businesses and returned it to growth in key divisions. He’s now begun the critical task of technology simplification, which will continue under Anthony.”

Mr King said Mr Miller was “an experienced banker, with customers at the heart”.

“As a result of the hard work completed over the past five years, Westpac is now a simpler, stronger bank, with an improved risk culture. The company is well-placed for its next phase under Anthony,” he said.