He will replace Peter King on his retirement in December
Westpac has named Anthony Miller as the new Group CEO and managing director, replacing CEO Peter King who will retire after a 30-year career with the big four bank.
The board of directors of Westpac announced Miller’s appointment on Tuesday, September 9, and said his new role would begin on December 16.
Miller (pictured above) has been at Westpac since 2020, joining the bank as chief executive of Westpac Institutional Bank. His current role is chief executive of Westpac’s business and wealth division.
Before he joined Westpac, Miller was Deutsche Bank’s CEO of Australia/NZ and co-head of investment bank, APAC. He also spent 16 years at Goldman Sachs, including roles as partner managing director.
Miller holds a Bachelor of Laws from Queensland University of Technology and a Bachelor of Arts in Modern Asian Studies from Griffith University.
Miller said it was a great honour to be appointed the chief executive of Westpac.
“I’m incredibly energised by the opportunity that’s been given to me,” Miller said. “I’m a little bit humbled as well because it’s such a huge responsibility and Westpac has such a big role to play in the community and has such a big impact on so many people’s lives.”
“But I’m excited … I think there’s a real opportunity for us to take Westpac to where it is and always has been – the number one relationship bank in the market and a real focus on customers and customer service.”
New CEO shares goals for Westpac
Miller said in his role as chief executive of the business and wealth division, which commenced in 2023, he had enjoyed meeting all the staff at Westpac and getting in front of the customers and he wanted to continue that customer focus as CEO.
Miller acknowledged the current difficulties caused by the economic environment, with cost of living pressures and inflation challenges.
But Miller said what stood out to him in the business and wealth division over 12 months was just how “amazing, resilient and capable our small business customers are and how they’re navigating this environment”.
“We really to be focused on what more can we be doing for them, what more can we be doing to make our customers get through these reasonably challenging times.”
Miller said he wanted to ensure a smooth transition with the leadership team but also realise the completion of Westpac’s CORE (Customer Outcomes and Risk Excellence) Program.
“I think we’ve been given a strong endorsement of the [CORE Program] progress so far with APRA releasing part of the capital overlay, but our goal has got to be to land that, embed that and make sure we get the balance of the capital released, so that’s a critical priority for me.”
The other priority is UNITE, said Miller. He described it as one of the most important initiatives ever undertaken at Westpac. “We’re going to simplify the business and simplify the tech stacks … we can run this business cost effectively and deliver great outcomes for our customers.’
Finally, Miller said he wanted to “refresh and reinvigorate the priority attached to the customer … to become the number one relationship bank in the market”.
Under the terms of Miller’s employment as CEO, Westpac said his remuneration package would be the same as the current CEO’s package, which includes fixed remuneration of $2.5 million per annum inclusive of superannuation and any salary sacrifice arrangements.
The package also includes a short-term variable reward target of 75% of fixed remuneration with a maximum of 93.75% of fixed remuneration; and a long-term variable reward annual grant up to 140% of fixed remuneration.
Westpac chair, CEO welcome Miller
Westpac chair Steven Gregg (pictured below left) described Miller as the right person to take Westpac into a new era.
“Anthony is an exceptional leader,” Gregg said. “He’s an individual of integrity and he’s ready to lead Australia’s oldest company.”
“He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years.”
Gregg said Miller was ambitious for the future of Westpac and its customers and since joining Westpac four years ago he had put the institutional bank “on a path to reclaiming its leadership position.
Miller had spent the past year leading the business and wealth division, restoring growth and focusing on customers.”
“In our search for a CEO, we looked for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market,” Gregg said.
“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.”
King (pictured below right) also welcomed the news of Miller being appointed as his successor.
“Anthony will make a great CEO,” King said. “In his time at Westpac he’s proven he has what it takes to deliver for customers, employees and shareholders. He’s an experienced banker, with customers at the heart.
King said due to the hard work completed over the past five years, Westpac had become a simpler, stronger bank, with an improved risk culture. “The company is well-placed for its next phase under Anthony.”
King honoured for decades of service
Gregg thanked King for his 30 years of service to Westpac and for his leadership as CEO since 2020.
“Peter has done an outstanding job as CEO of Westpac,” Gregg said. “He stepped in at a very difficult time in 2019, steering the company through several regulatory challenges and the COVID pandemic.”
Gregg said since then, King had provided much-needed stability to the bank while transforming risk management.
“He simplified the company’s portfolio of businesses and returned it to growth in key divisions. He’s now begun the critical task of technology simplification, which will continue under Anthony.
“Peter’s time as CEO will forever be defined by his courage and commitment to Westpac. He leaves a significant legacy and we owe him a great debt of gratitude.”
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