The Westpac Banking Corp (ASX: WBC) share price is under the spotlight after the ASX bank share announced who its new CEO will be.
New CEO of Westpac
The major bank announced the board of directors has chosen Anthony Miller as the new CEO and Managing Director, starting on 16 December 2024, replacing current CEO Peter King. King has been the CEO of Westpac for five years and has been at the bank for 30 years.
Anthony Miller is currently the chief executive of Westpac’s business and wealth division.
Westpac’s Chair Steven Gregg said Miller is the right person to take the company into a new era. Gregg said:
Anthony is an exceptional leader. He’s an individual of integrity and he’s ready to lead Australia’s oldest company. 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 & Wealth, restoring growth and focusing on customers.
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.
Before joining Westpac, Miller was the Deutsche Bank CEO of the Australia and New Zealand, and co-head of the investment banking in the Asia Pacific region. He also spent 16 years at Goldman Sachs, including as partner. Peter King suggested that Anthony Miller “has what it takes” to deliver for customers, employes and shareholders.
The Westpac Chair acknowledged that Peter King came in at a “very difficult time” in 2019, steering the company through “several regulatory challenges and the COVID pandemic”. King simplified the company’s portfolio of businesses and returned it to growth in key divisions.”
Final thoughts on the Westpac share price
Miller will have fixed annual remuneration of $2.5 million per year, including superannuation. There are also short-term and long-term rewards if he meets certain targets.
This is an important period for banks, with the sector having to weigh up what the loan interest rate should be, balancing profitability and trying to win new customers. Short-term and long-term profitability could be significantly affected by what setting Westpac decides on under Miller’s leadership.
His experience sounds satisfactory, so time will tell how well the bank does under his leadership. I think there are other ASX dividend shares that could make better buys.
