Westpac Appoints Peter Herbert As Acting CEO Of Business And Wealth Division

Westpac Banking Corp. has named Peter Herbert as acting CEO for its Business and Wealth division, effective Nov. 5.

Herbert will take over from Anthony Miller, who becomes Westpac's CEO on Dec. 16. Herbert brings a vast range of experience having held various executive roles in the past, including Chief Operating Officer, Asia Pacific Retail Banking & Wealth Management at HSBC (HSBA.L), the baking giant said in a statement.

"Peter is an accomplished, engaging and accessible leader who has built a culture of innovation since joining Westpac," Westpac's current CEO Peter King said. "He will provide stable and experienced leadership to the Business & Wealth division when Anthony steps into my role at the end of the year. This change will also allow Anthony to spend time with me in a handover period before he begins as CEO."

King is set to retire in December.

Westpac said Herbert will hold the position of Acting Chief Executive for its Business and Wealth division, effective until a permanent CEO is identified through an ongoing global search.

Westpac had announced in September that veteran CEO Brian Hartzer will be leaving the company after 30 years of service, including five years as CEO. Hartzer was succeeded by Anthony Miller, who promised to build on his predecessor's legacy and unlock Westpac's full potential.

"Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians," Miller said at that time. "I want Westpac to be a bank built on trust and reliability – always there to help our customers through every one of life's moments."