Peter Herbert, Westpac’s current chief operating officer, business and wealth, is stepping into the role of acting chief executive for the division.
Herbert will replace Anthony Miller, who is stepping out of the role to become Westpac’s group CEO in December.
It is understood that a global search will then be undertaken for a permanent CEO for the business and wealth division.
According to the bank, Herbert is a “seasoned” banking executive, having joined Westpac in 2020 after an extensive career at HSBC including as chief operating officer, Asia Pacific, retail banking and wealth management.
Outgoing group CEO Peter King welcomed Herbert to the role.
“Peter is an accomplished, engaging and accessible leader who has built a culture of innovation since joining Westpac,” King said.
“He will provide stable and experienced leadership to the business and wealth division when Anthony steps into my role at the end of the year.”
“This change will also allow Anthony to spend time with me in a handover period before he begins as CEO.”
In September it was first announced that King would leave Westpac after 30 years with the group, including a five-year stint at its helm.
At the time, Miller said that he seeks to build on King’s work to “unleash Westpac’s full potential”.
“Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians,” Miller affirmed.
“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.”
Commenting on the appointment in September, Westpac chair Steven Gregg clarified that, in its search for chief executive, the company was on the hunt for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market.
“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 said.
