The Westpac Board of Directors has announced the appointment of Anthony Miller as Group CEO and Managing Director, commencing 16 December 2024.

Mr Miller, currently Chief Executive of Westpac’s Business & Wealth division, will succeed Peter King, who will retire after a 30-year career at Westpac including five years as CEO.

Prior to joining Westpac Mr 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 as Partner.

“Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians,” Mr Miller said.

Mr Miller’s remuneration package will be the same as the current CEO’s remuneration package:

• Fixed remuneration of $2.5 million per annum, inclusive of superannuation and any salary sacrifice arrangements. Reviewed periodically in accordance with Westpac’s remuneration policy.
• Short Term Variable Reward (STVR) target 75% of fixed remuneration with maximum 93.75% of fixed remuneration.
• Long Term Variable Reward (LTVR) annual grant up to 140% of fixed remuneration. The LTVR award is comprised of the Performance Rights and Restricted Rights. Annual grants will be determined at the beginning of the relevant performance year and are subject to shareholder approval.

For the 2025 financial year (FY25), Mr Miller’s STVR target and LTVR grant will be pro-rated from his commencement date as CEO.