Westpac appoints Steven Gregg as new chairman

The news: Westpac says veteran director Steven Gregg will take over as its new chairman when John McFarlane steps down from the role later this year.

The numbers: Gregg, who is also chair of fuel refiner and retailer Ampol, will be appointed as non-executive director and chairman-elect on 7 November. McFarlane, who has been Westpac chairman since 2020, will complete his term at the annual meeting on 14 December.

The context: McFarlane’s term was focused on turning around the fortunes of Australia’s oldest bank after it was embroiled in breaches of anti-money laundering laws, which it ultimately settled after agreeing to pay a record $1.3 billion penalty to financial crimes regulator AUSTRAC in September 2020. Mr Gregg comes to the role with experience spanning chair, director and executive roles across a range of sectors. "From my observation, Westpac is in a period of transition. After the hard work of simplification over the past three years, now is the time to look forward and have a strong ambition," he said.