Steven Gregg to succeed Westpac chairman John McFarlane
Steven Gregg will take the top board seat at Westpac after this year’s annual shareholders meeting, when the bank’s chairman John McFarlane retires after three years in the role.
Mr McFarlane said his successor was a “world-class executive and director who will bring a fresh perspective” to Westpac. Mr Gregg is the chairman of Ampol and as of Monday, the outgoing chairman of The Lottery Corporation.
He “has deep experience chairing consumer-focused companies, and a strong track record of disciplined decision-making and contributions to board oversight of organisations undergoing technology transformation,” Mr McFarlane added.
Steven Gregg will retire from his director role at up-start financial services player Challenger Limited and has announced plans to retire as chairman of the Lottery Corporation. Jessica Hromas
Mr Gregg will join the board as chairman-elect in November, and will take on the role when Mr McFarlane completes his term and exits on December 14.
“I made a commitment to shareholders to build a customer-focused digital bank and create a leaner, more agile and better-performing company. We have made great progress in achieving these goals and turning Westpac around,” Mr McFarlane said.
“I’m confident that Steven will build on that success, working closely with Peter [King], the executive team and directors.”
Mr McFarlane, a former chief executive at ANZ, became chairman of Westpac in 2020 as it reeled from an anti-money laundering scandal.
Regulator AUSTRAC had accused the bank of failing to properly report more than 19.5 million international fund transfers, keep appropriate records and conduct proper due diligence on customers.
Westpac paid a $1.3 billion penalty, and the scandal forced the resignation of
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