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Westpac Group has announced the extension of Peter King's term as CEO in an effort to achieve leadership continuity.
The board agreed to amend King's employment contract through removing the two-year term, while leaving the other details unchanged.
Westpac Chairperson John McFarlane highlighted the already significant contribution King has made to the group over his time at the helm, guiding the organisation through the challenges of the COVID-19 pandemic and dealing with the issues brought forward by AUSTRAC.
"His strategy reset is already driving fundamental change to how the company operates with clearer accountability, faster decision making and a focus on improving risk management," McFarlane said, going on to attribute the refocusing of the bank on its core markets and products to King's action as well.
King officially assumed the CEO position in April, but he has been at Westpac for the past 25 years.
Commenting on the extension of his term, he said, "While I am pleased with what we have achieved over the last six months, we have a significant agenda ahead that requires a longer-term commitment than two years. I am determined to see Westpac return to a leadership position."
In the group's half-year results, King revealed Westpac aims to simplify its organisation to focus on banking, with a high priority placed on sorting out its mortgage processing issues.
“The way to fix it is more people — in the short-term. In the long-term, it’s automation," he said.
Westpac also recently inked a partnership with Afterpay as part of the expansion of its new digital banking platform, with plans to roll out new services in partnership with the buy now, pay later organisation next year.
"The platform allows us to combine our banking experience with the innovation of our partners to support new customer experiences," said King.
