AUS
NZ
UK
CA
USA
IND
Highlights
- Two Westpac directors are stepping down after three years on the board.
- Westpac's executive pay saw significant increases, despite a recent profit dip.
- Leadership changes are underway, with a new CEO set to take the helm.
Westpac Banking Corporation (ASX:WBC) announced that two prominent board members, each with significant roles in the bank’s risk and remuneration committees, will soon be stepping down. This shift marks a significant transition within one of the most highly regarded boards in the financial sector. Nora Scheinkestel, chair of Westpac’s remuneration committee and a member of its risk committee, has resigned immediately, while Audette Exel, head of the risk committee, will exit after the bank’s upcoming annual general meeting.
Nora Scheinkestel, who joined the board in 2021, has been instrumental in guiding Westpac’s approach to remuneration policies during her tenure. With an extensive background that includes roles at Hill Samuel, Telstra, and Stockland, she currently holds positions on the boards of Origin Energy (ASX:ORG) and Qantas Airways (ASX:QAN). Reflecting on her time at Westpac, Scheinkestel expressed pride in the bank’s recent progress, noting, “I leave knowing the bank is in a much stronger position.”
Audette Exel, also appointed in 2021, will be departing to focus on her role in building Adara Group and Adara Partners, both of which support health and community development projects worldwide. Through partnerships with major investment firms, including Goldman Sachs, Adara funds initiatives in regions such as Nepal and Uganda. Exel highlighted that her work with Adara is her next focus as she exits the Westpac board.
In addition to these board changes, the past year has brought other significant leadership shifts within Westpac. Peter King, Westpac’s CEO, is set to retire next month, and he will be succeeded by Anthony Miller, currently leading the bank’s wealth and business banking operations. Additionally, Steven Gregg, who previously ran ABN AMRO’s UK operations, stepped in as Westpac’s chairman last year, succeeding John McFarlane.
Despite a 3% decline in after-tax profits to $7 billion in the last fiscal year, Westpac's executive pay has surged. Peter King’s pay rose to $7.9 million, up from $4.4 million, marking a notable increase in his final year as CEO. Other executives, including retail banking head Jason Yetton and incoming CEO Anthony Miller, also saw substantial compensation increases. According to the annual report, total executive pay at Westpac rose from $20.4 million in 2023 to $37.2 million in 2024, with lending margins holding steady despite profit challenges.
The ongoing changes in Westpac’s leadership and board structure signal a new direction for the institution as it adapts to evolving market conditions.
