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Australian bank Westpac has named Anthony Miller its new CEO, as Peter King prepares to step down on Dec. 16 after a tenure of four years.

Miller, who has been serving Westpac as the head of the business and wealth division for four years, has a strong resume in the financial industry. Before Westpac, he had a 16-year tenure at Goldman Sachs and also served at Deutsche Bank. In the new role, Miller will receive a salary of AU$2.5 million with additional perks, reported Nine News.

Westpac chair Steven Gregg announced Miller's appointment, stating that he met all the requirements of the bank, including bringing a strong customer-centric approach and a deep understanding of the Australian market to the role.

"Anthony is that executive," Gregg said, per Adelaide Now. "He has a vision to return Westpac to a position of leadership and build on the foundational work of the past five years."

Miller expressed enthusiasm for the new role and honored his predecessor.

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

King also went on to praise Miller, saying, "He'll make a great CEO."

King had made notable contributions to Westpac's portfolio since taking the reins in 2019. He will be remembered for his works like leading the bank through the pandemic and transforming its risk management. He also achieved significant milestones, including returning $500 million to APRA and streamlining operations by exiting ten businesses, Westpac mentioned in a statement.