Tech tops new Westpac CEO’s agenda
Australia's high bank share prices have much to do with consistency and safe haven status. Westpac's very predictable decision to appoint Anthony Miller as its new CEO won't damage that reputation.
Westpac’s appointment of Anthony Miller as CEO to replace Peter King continues a long tradition of the bank being run by institutional bankers (Gail Kelly, who came from St George, has been the only retail CEO.)
It also reinforces the Australian banking sector’s ability to deliver consistent outcomes that don’t surprise investors — which is emerging as a key element in the banks’ continuing outperformance on the sharemarket.
Miller’s career has included stints at the big end of town with Deutsche Bank and Goldman Sachs, and he joined Westpac to turn around the insto business, where his efforts were regarded as very successful.
Speaking to media this morning, chairman Steven Gregg said Miller grew the institutional business and “transformed the culture. He reached his strategy, rebuilt trust for the regulators and more than doubled net profit.”
