Tag Archives: CEO Change

Westpac Australia changed CEO King’s contract to allow him to serve longer | Instant News

FILE PHOTOS: Passengers walking past a Westpac bank branch in Sydney, Australia 23 April 2018. REUTERS / Edgar Su

(Reuters) – Westpac Banking Corp on Friday said it would remove the two-year time limit on its newly appointed CEO, Peter King, allowing him to serve longer hours as the bank tries to regain trust and tackle COVID-19. crisis.

King took over as CEO of Australia’s second-largest bank at a tumultuous time for lenders, following a lawsuit accusing Westpac of allowing millions of payments to people who exploit children, prompting his predecessor to step down.

The massive lawsuit, which was completed in September for a record A $ 1.3 billion ($ 926.77 million), tarnished the lender’s reputation and led to a series of other senior management changes.

“In Peter’s short time as CEO, he has made a significant contribution to Westpac, in a year of unprecedented change,” said Chairman John McFarlane, this year’s nominee.

The bank has undergone a major overhaul, sold a stake in the company it owns, and earlier in October announced it was pulling out of banking operations in China and several other Asian markets to focus on its core domestic and New Zealand businesses.

King, who assumed the CEO role on a permanent basis in April for two agreed years, has been slated to retire this year.

($ 1 = 1.4027 Australian dollars)

Reporting by Nikhil Kurian Nainan in Bengaluru; Edited by Tom Hogue


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UPDATE 2-Itau Brazil appointed a new CEO, signaling a generational change | Instant News

(Adding context)

SAO PAULO, October 29 (Reuters) – Itau Unibanco Holding SA on Thursday appointed Chief Financial Officer Milton Maluhy Filho as its new chief executive, ushering in a generational change at Brazil’s biggest bank.

Maluh, 44, will replace Candido Bracher, who has served for roughly three years, starting February 2, according to the securities filing. Bracher, who will reach the mandatory bank retirement age of 62 in December, will return to the board of directors next year.

Maluhy will become the youngest CEO among Brazil’s biggest lenders and will take control of a bank that is financially strong but still faces challenges in competing with the fintech that has rocked the market in recent years.

Maluhy started his career at Itau in 2002 and has since taken on a variety of roles, including as CEO of Chile’s Itau Corpbanca, an acquisition that did not live up to expectations, although Maluhy made several steps to improve his performance.

“In each of these positions, he has always stood out for his determination to seek results, his focus on the interests of our clients, his ability to assemble a productive and balanced team, and the degree to which he identifies our culture,” Itau said in a statement.


Going forward, Maluhy will have to face the economic impact of the coronavirus pandemic, which has seen banks set aside billions for potential losses.

The bank also faces new nimble rivals such as card processors PagSeguro Digital Ltd, StoneCo Ltd and XP Inc, in which Itau decided to acquire a stake. Card processors have attracted clients from traditional banks and kept costs down.

The new generation of online banks is emerging as a major challenge for lenders like Itau, who are saddled with expensive brick and mortar branches.

“Priority is now shifting to digitizing our operations and in a relentless quest for growth in a very dynamic competitive environment,” said co-chairs Pedro Moreira Salles and Roberto Setubal in a letter to Itau employees.

Reporting by Carolina Mandl; Edited by Sandra Maler, Christian Plumb, and Aurora Ellis


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QBE Insurance Australia appointed Richard Pryce as interim CEO | Instant News

(Reuters) – Australia’s QBE Insurance Group Ltd said on Friday it had appointed insider Richard Pryce as interim chief executive, more than a month after Patrick Regan’s exit following an internal investigation.

The company said last month Regan would leave the company after an investigation found he had failed to meet ethical and behavioral standards. QBE did not provide further details at the time.

Pryce joined QBE in 2012 and has been CEO of its international division for about a year.

He will remain as group CEO for a while while a global search is underway, said Australia’s largest insurer by market capitalization.

Mike Wilkins, who handled day-to-day operations until Pryce’s appointment will return to his position as non-executive chairman of the board, QBE added.

Reporting by Anushka Trivedi in Bengaluru; Edited by Forward Samuel


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Virgin Australia CEO Paul Scurrah stepped down when the Bain deal was completed | Instant News

FILE PHOTO: A Virgin Australia Airlines plane takes off from Kingsford Smith International Airport in Sydney, Australia, March 18, 2020. REUTERS / Loren Elliott

SYDNEY (Reuters) – Virgin Australia Holdings Ltd chief executive Paul Scurrah will step down within weeks after the airline’s sale to US private equity group Bain Capital is completed, airline administrators said on Thursday.

Jayne Hrdlicka, former head of the Jetstar budget arm of Qantas Airways Ltd, will take over the top job at Australia’s second-largest airline at the financial close of the deal, expected in early November.

Scurrah has clashed with Bain over the strategy and wants to keep more premium offerings than private US equity firms want, two people with knowledge of the matter told Reuters on condition of anonymity.

Reporting by Jamie Freed; Edited by Tom Hogue


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