Australia’s oldest bank has made a key appointment to its executive team.
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Westpac Banking Corp (ASX: WBC) shares are rebound on Tuesday after being caught up in yesterday’s market selloff.
At the time of writing, the banking giant’s shares are up almost 1% to $33.44.
This follows news that the big four bank has made an important appointment.
Westpac shares rise on new appointment
This morning, Westpac announced that it has snared an executive from rival bank Commonwealth Bank of Australia (ASX: CBA).
According to the release, Australia’s oldest bank has appointed Paul Fowler to the position of Chief Executive, Business & Wealth.
The release notes that Mr Fowler is an experienced leader in financial services with a career spanning more than 20 years in business and institutional banking, corporate finance and wealth management.
He is joining Westpac from the Commonwealth Bank of Australia, where he is currently its Executive General Manager, Regional and Agribusiness Banking in Business Banking.
In addition, since joining CBA in 2015, Fowler has also served as CFO, Institutional Banking and Markets, and as Executive General Manager, Mergers & Acquisitions.
Prior to joining Australia’s largest bank, Paul Fowler spent over a decade in corporate finance, with roles at Goldman Sachs and Citigroup. In these roles, he was predominantly advising financial institutions in both Australia and offshore.
Fowler is expected to commence in the role mid-year, taking over from Peter Herbert, who is currently Acting Chief Executive, Business & Wealth.
‘An impressive track record of success’
Westpac’s CEO, Anthony Miller, was pleased with the appointment and believes he will be an important addition to the bank’s executive team. Commenting on the appointment, Miller said:
Paul has built an impressive track record of success over a long career, most recently leading business banking across regional Australia for CBA. I know Paul will bring a strong customer focus, experience in leading high performing teams and a drive for results in this important segment of the market for Westpac.
Miller also spoke positively about Peter Herbert and the job he has done while filling in as Acting Chief Executive, Business & Wealth. Westpac’s CEO said:
Since my appointment as Westpac CEO, Peter has done a superb job of driving momentum and focus in the division and I thank him for stepping in to act in this role during a critical transition period.
Following today’s move, Westpac’s shares are now up 37% over the past 12 months.
Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
