The Westpac Banking Corp (ASX: WBC) share price is up close to 1% after the bank announced that one of its leadership team is leaving.
Westpac’s chief financial officer retires
The bank’s CEO Anthony miller announced that the chief financial officer (CFO) of Westpac, Michael Rowland, has notified Westpac of his intention to retire as CFO in 2025.
Michael Rowland has been with Westpac since 2020 and he will remain in his role while a search is undertaken for his successor. I’d view the CFO as a key person and underlying influence on Westpac shares over the longer-term.
Westpac CEO Anthony Miller said:
Michael has played an important role in the financial management of Westpac since the disruption of COVID 19 and has been instrumental in establishing Westpac’s strong position.
During his tenure, he’s seen the company through a significant business transformation, maintained a robust capital position and overseen consistent, sustainable returns to shareholders.
Michael is a team player known for his characteristic mix of dedication, attention to detail and sense of humour.
I thank Michael for his service to Westpac and wish him all the very best as he steps into the next chapter of his career.
It is interesting timing that so soon after Anthony Miller becoming the boss of Westpac that the CFO position is changing.
We’re entering an interesting time in the banking world with Australia’s high interest rate and the rising arrears for banks. It’s important that Westpac chooses the right person to be on top of the financials. I think it’s particularly important that ASX bank shares maintain a strong balance sheet during this period.
Final thoughts on Westpac shares
Westpac is one of the most important businesses in the Australia economy. It’s not just a large business, but it ensures that the economy continues ticking over by offering credit to businesses and households.
I wouldn’t call it a buy today following a 45% rise of the Westpac share price over the past 12 months. It’s trading on a historically high price/earnings ratio (p/e ratio), which makes it seem less appealing to me.
There are plenty of other ASX dividend shares I’d rather buy for both dividends and sustainable growth from the current level.
