Westpac has appointed an internal candidate to succeed CEO Peter King, with Anthony Miller tapped to step into the top job from December.
The announcement caps a stellar rise for the 54-year-old. Miller joined Westpac in 2020, first running Westpac Institutional Bank, before taking over the Business & Wealth division last year.
Chairman Steven Gregg, himself almost a year into his tenure at the bank, says Miller was the standout candidate.
“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,” Mr 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.”
Gregg says the appointment of an internal successor will ensure a “seamless transition”, adding “Anthony knows what needs to be done and will move at pace.”
Miller came to Westpac from Deutsche Bank where he spent four years as Australia/NZ CEO and prior to that 16 years at Goldman Sachs.
“Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians,” Miller says.
“I’m excited by the opportunity and I’m grateful for Peter’s significant contribution as CEO. My aspiration is to build on that work and unleash Westpac’s true potential."
As the son of small business owners, Miller had an unconventional upbringing, moving schools ten times in 12 years across Canberra, Darwin, Alice Springs, Dubbo and Brisbane. He was one of six kids including two who represented Australia at the Sydney 2000 Olympics. Miller studied law and began his career at legal firms in Brisbane and Sydney before switching to investment banking in 1999.
Miller now lives in Sydney with wife Gretel and the couple have four children in their twenties.
Miller’s university studies in law, Japanese and economics, combined with years working throughout Asia have built a strong intellect and interest in history, foreign affairs and politics. He lists “Why Nations Fail” and the Dumas classic “The Count of Monte Cristo” as his favourite books.
His current remit at Westpac includes the growing business lending sector, BT, Westpac Private Bank, ESG and the Pacific business. He’s spent much of the past year meeting business customers around Australia, giving him a firm grasp of the current challenges and the needs of retail banking customers.
“I want Westpac to be a bank that’s built on trust and reliability – always there to help our customers through every one of life’s moments,” Miller says.
Miller takes over from Peter King, who has overseen a major rebuild and transformation in his five years in charge.
Appointed in 2019, King steered Westpac through COVID and embarked on a complete overhaul of the bank’s risk management, culminating this year with the completion of the Customer Outcomes and Risk Excellence program and the return of a $500 million capital add-on from regulator APRA.
He also dramatically simplified Westpac, exiting ten businesses. The final piece in the puzzle was the beginning of Westpac’s technology simplification program UNITE.
“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,” Chair Steven Gregg says.
He also commends King’s significant advocacy work on protecting customers from scams, and the improvement in the bank’s digital products.
“Peter has done an outstanding job as CEO of Westpac,” Gregg says, adding, he’s “turned this bank around”.
King was responsible for hiring Anthony Miller in 2020, and praised today’s appointment, saying he “has what it takes to deliver”.
“He’s an experienced banker, with customers at the heart,” King says.
“He’ll make a great CEO”.
The pair say they’ll now work towards an orderly transition after this year’s AGM in December.
James Thornhill was appointed as editor of Westpac Wire in May 2022. Prior to joining the bank, he was a business and financial journalist with more than two decades of experience with international newswires. Most recently, he was a resources correspondent for Bloomberg, covering the mining and energy sectors, and previously reported on a broad range of topics from economics and politics to currency and bond markets. Originally from the UK, he’s had stints working in London, New York and Singapore, but is now happily settled in Sydney.
Josh Wall is the Head of Video at Westpac Wire. Prior to joining the team, he spent 10 years as a video journalist and documentary filmmaker, most recently as Head of Video for the Guardian Australia. He also worked across numerous News Corp mastheads in Sydney as a presenter, producer, writer and video journalist. Josh is originally from Perth, Western Australia where he began his career by co-creating a video magazine that focused on music and the arts.
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