Westpac Appoints Peter Herbert as Interim Business and Wealth CEO Amid Leadership Transition

Herbert Takes Helm Temporarily as Bank Prepares for CEO Handover to Anthony Miller

Westpac has named Peter Herbert as the acting CEO of its Business and Wealth division, effective November 5, as the bank navigates a leadership transition. Herbert, who currently serves as the Chief Operating Officer (COO) of the same division, will step into the role on an interim basis, following the departure of Anthony Miller. Miller is set to become the new CEO of Westpac on December 16.

Herbert, a seasoned executive with over two decades of experience in the banking industry, joined Westpac in 2020 after an 18-year tenure at HSBC. During his time at HSBC, he held several senior roles, including COO of Retail Banking and Wealth Management for the Asia Pacific region. His experience in both operations and wealth management positions him well to ensure stability during this transitional period.

Westpac CEO Peter King praised Herbert’s leadership, citing his contributions to driving innovation and fostering a strong corporate culture since joining the bank. “Peter’s leadership has been instrumental in delivering key initiatives across our Business and Wealth division, and I am confident that he will continue to provide stability and continuity during this important phase,” said King.

Herbert’s appointment is part of a broader transition strategy, as Miller, the outgoing Business and Wealth CEO, prepares to assume King’s position at the helm of Westpac. This handover period is designed to provide Miller with an opportunity to work closely with King before officially stepping into his new role later this year.

Westpac has also launched a global search for a permanent successor to lead its Business and Wealth division. In the meantime, Herbert’s leadership is expected to ensure smooth operations and maintain the momentum of the bank’s strategic initiatives.

Miller’s promotion to Westpac CEO follows a highly successful tenure in the Business and Wealth division. His expertise in managing complex banking operations and commitment to innovation made him a natural choice to lead Australia’s oldest bank into its next phase.

The leadership changes come as Westpac focuses on strengthening its market position and addressing challenges within the financial services sector. As the bank continues its search for a permanent CEO for the Business and Wealth division, Herbert’s steady hand will provide crucial leadership during this transitional period.

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