(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