Westpac CEO Peter King retires, Anthony Miller steps in to “unleash” potential

Westpac CEO Peter King has announced his retirement and the appointment of the current chief executive of the business and wealth division, Anthony Miller to take the helm this December.

Anthony Miller

The move from King marks his retirement after a 30-year career at Westpac, with five of those years in the CEO spot.  

King posted via LinkedIn Miller “has what it takes to drive the business forward while keeping customers at the heart.”

“Reflecting on my 30 years at Westpac, I want to thank our people, customers and shareholders for their support – particularly in my time as CEO.

“I’m proud of what we’ve accomplished, and I believe the bank is well-placed for its next phase under Anthony’s leadership.

He added that in his final three months, he’ll be “focused on a smooth transition to Anthony and making sure our business maintains momentum.”

Chair Steven Gregg thanked King for his time at service to the major bank, stating King “has done an outstanding job as CEO of Westpac.”

“He stepped in at a very difficult time in 2019, steering the company through several regulatory challenges and the COVID pandemic.

“Since then, Peter has provided much-needed stability to the bank while transforming risk management. 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,” Gregg said.

Meanwhile, Miller stated in a LinkedIn post it is “an honour” to be appointed CEO of Westpac.

“Just as I have over the past four years at Westpac, I’ll be spending as much time as I can out meeting our customers and people as we prepare for the transition,” Miller said.

In a separate statement, Miller said his 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,” Miller said. 

Gregg added Miller is an “exceptional leader” and “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,” Gregg said.

Before Westpac, Miller was Deutsche Bank’s CEO of Australia/NZ and Co-head of investment bank, APAC plus spent 16 years at Goldman Sachs, including as a partner.

“In our search for a CEO, we looked for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market,” Gregg said.

“Anthony is that executive. He has a vision to return Westpac to a position of leadership and build on the foundational work of the past five years.

“As an internal appointment Anthony knows what needs to be done and will move at pace, ensuring a seamless transition,” Gregg concluded.