Westpac CFO Peter King announces retirement

Written on the 12 September 2019 by Business News Australia

Westpac CFO Peter King announces retirement

After 25 years with the bank Peter King (pictured) has announced he will step down as chief financial officer of Westpac (ASX: WBC).

King will reitre from the role he has held at the bank since 2014 in 2020, giving the bank 12 months' notice of his retirement today.

CEO Brian Hartzer says that King will be missed at the bank, congratulating him on his distinguished 25 years of service at the institution.

"Peter has played a critical role during a period of major change in Australian banking and as a result of his expertise and dedication Westpac is a better and stronger bank," says Hartzer.

"On behalf of all of us at Westpac, I would like to thank Peter for the significant contribution he has made to the group and wish him every future success. On a personal note, I would also like to thank Peter for his leadership, support, and wise counsel as a member of my executive team."

The retirement of King comes two days after the Australian Securities and Investment Commission (ASIC) announced that it would appeal the Federal Court's decision regarding the bank's use of automated processes.

Justice Nye Perram found no issue with Westpac using an automated process based on the Household Expenditure Measure (HEM) to make up to 262,000 home loans.

Now, the corporate watchdog is appealing the decision, claiming it brings uncertainty to how lending rules are applied.

"ASIC considers that the Federal Court's decision creates uncertainty as to what is required for a lender to comply with its assessment obligation, nor does ASIC regard the decision as consistent with the legislative intention of the responsible lending regime," says ASIC Commissioner Sean Hughes.

Shares in Westpac are up 1.01 per cent to $29.91 per share at 11.30am AEST, the highest they have been in 12 months.

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