The revolving management door in Westpac Banking Corp’s business and wealth division may be over with the appointment of a new leader.
Westpac said Paul Fowler had been appointed Chief Executive, Business & Wealth, replacing Peter Herbert, who had been acting in the role.
Westpac, Australia’s oldest and second largest bank, said Fowler would join Westpac mid-year from the largest bank, Commonwealth Bank of Australia, where he was Executive General Manager, Regional and Agribusiness Banking in Business Banking.
Since joining CBA in 2015 Fowler has also served as Chief Financial Officer, Institutional Banking and Markets, and Executive General Manager, Mergers & Acquisitions, following more than a decade in corporate finance roles at Goldman Sachs and Citigroup.
“Paul has built an impressive track record of success over a long career, most recently leading business banking across regional Australia for CBA,” Westpac CEO Anthony Miller said in a statement.
Herbert assumed the role in an acting capacity in 2024 when replaced Miller was appointed CEO of the bank, whose roots date back to its foundation in 1817 as Bank of New South Wales.
Miller had taken up the position in 2023 when the role of Chief Executive, Consumer and Business Banking held by Chris de Bruin was split in two as part of a broader management restructure at a time of intense regulatory scrutiny.
De Bruin has held the position since 2019, which means in about six years, four executives will have been responsible for this part of the bank.
At 2.30pm Westpac shares were trading at A$33.35, up 19 cents (0.57%) on the day after ranging between $33.30 and $33.44, which capitalises the bank at $114.1 billion.