Westpac is searching for a new CEO
The big four bank has a crisis CEO and a cyberpunk tech platform. Both are going to change, its chair Steven Gregg has been telling investors and analysts.
Westpac’s new chairman Steven Gregg has been out meeting the buy and sell side in recent weeks, and he’s made it clear the board has moved onto the runway to find a new chief executive.
It’s rare for a chairman to spend such quality time with investors and analysts and, as a couple of them told me, particularly rare and refreshing for one to be so open about the critical issues. The biggest challenge in Gregg’s view is the technology revamp desperately needed at Westpac to rationalise and modernise its digital capability.
After a series of acquisitions and divestments over the last two decades, most notably St George in 2008, Westpac has failed to integrate and invest properly in key technology. Gregg’s view — and one the market supports — is that the work can no longer be delayed.
There’s nothing formal on the succession front, although some people familiar with the discussions say a decision could “be tomorrow, could be 18 months, depending on whether it's external or internal”.
