Brian Hartzer gets top job as Gail Kelly to retire from Westpac in early 2015
Westpac Banking Corporation has announced its chief executive Gail Kelly was retiring from the bank after six years at the helm.
She will be succeeded by Australian financial services chief executive Brian Hartzer from February 1, 2015. Hartzer’s division included Westpac’s retail and business bank, St George Bank and BT Financial Group.
Brian Hartzer, aged 47, has more than 25 years in financial services, having started his career at First Manhattan Consulting Group in New York.
In 1994, he first moved to Australia to work on a variety of strategic projects for ANZ, returning to San Francisco with First Manhattan in 1997, before moving back to Australia in 1999 to join ANZ full time as Managing Director of the Group's Consumer Finance Division, which included the Bank's credit card, merchant services and personal loan businesses.
Mrs Kelly was the first female chief executive of one of Australia’s big four banks.
“Gail is one of Australia’s most successful CEOs. She was appointed as the global financial crisis was unfolding and her leadership and dedication has seen Westpac emerge a stronger and better company,” Westpac chairman Lindsay Maxsted said.
“During her tenure the value of the company has more than doubled, with market capitalisation increasing from just under $50 billion to around $104 billion,” he said in a statement to the Australian stock exchange.
The two prime candidates who were in the running to replace Kelly were Brian Hartzer and the head of the institutional bank, Rob Whitfield.
Rumours started last month with Ross Greenwood's 2BG's Money News among those who sensed Kelly was soon to depart.
Last financial year she ranked as the highest-paid boss of a retail bank in Australia, taking home $12.8 million.
Before joining Westpac in 2012, Brian Hartzer worked as chief executive of UK retail for the Royal Bank of Scotland as well as senior roles at ANZ.
Brian Hartzer grew up in Connecticut, USA , but is an Australian citizen.
“I am very proud of how we tackled the stresses and challenges of the Global Financial Crisis, supporting our customers while at the same time materially strengthening our balance sheet," Gail Kelly said today.
"I am also very pleased with our successful merger with St.George.
"We now have a strong set of customer-centred brands, all performing well and setting us apart from our competitors.
"Most of all, I am proud of our people and the way they support our customers, each other and the community, every day.
“As our recent results show, the Westpac Group is very well positioned with strong momentum and a high quality team.
"This is an excellent time to hand the reins to our next CEO, who will take the Group through to our bicentennial celebrations and beyond," Mrs Kelly said.