Westpac (ASX:WBC) Amends CEO King’s Contract For Him To Serve Longer

November 01, 2020 12:18 AM AEDT
Team Kalkine

Westpac Banking Corporation (ASX:WBC), on 30 October, said it will remove a two-year limit on its newly-appointed chief executive officer, Peter King, thereby allowing him to serve for longer. The bank looks to regain trust and overcome the COVID-19 pandemic crisis.

King became CEO of Westpac – Australia’s second-largest bank amid a challenging time, when there was a lawsuit accusing Westpac of facilitating millions of payments to people exploiting children. This saw the predecessor resign.

The hefty lawsuit, which was settled in September for a record A$1.3 billion, hit the bank’s image hard and led to many changes in the senior management.

King had been slated to retire this year as he took on the CEO role on a permanent basis in April for an agreed period of two years.

Meanwhile, the stock of the bank closed at $17.910 per share with a market capitalisation of 64.82 billion on 30 October 2020.

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