Westpac has appointed Anthony Miller as its next Group Chief Executive Officer, effective 16 December 2024, bringing to a close an extended succession process at one of Australia's largest banks. Miller, who currently serves as Chief Executive of Westpac's Business and Wealth division, will take over from Peter King, who is retiring after five years in the group chief executive role and a career spanning three decades at the institution. The announcement was made on 9 September 2024.
The selection of Miller represents the board's preference for an internal candidate with deep familiarity with Westpac's operations, customer base, and strategic priorities. His current divisional role places him at the centre of the bank's commercial lending, business banking, and wealth management activities — the areas the bank has been investing in as part of its effort to improve returns across its non-retail franchises. The board's decision to appoint from within signals confidence that continuity of strategy is the right course for the organisation at this stage.
FROM DEUTSCHE BANK TO WESTPAC LEADERSHIP
Before joining Westpac's executive team, Miller held senior positions at Deutsche Bank, where he served as Chief Executive for Australia and New Zealand and as co-Head of the Investment Bank for Asia Pacific. That background gave him a breadth of cross-regional investment banking experience and a network across institutional clients that complemented his subsequent operational responsibilities inside Westpac. His familiarity with large-scale corporate relationships and capital markets transactions has been seen as an asset in growing the bank's business banking revenues.
Miller's time leading the Business and Wealth division provided him with direct responsibility for a substantial and strategically important part of the Westpac group. The division serves both small and medium-sized enterprises and larger corporate clients while also managing the bank's wealth management and insurance distribution activities. Overseeing a franchise of that complexity, and delivering results within it, gave Miller direct operational experience that the board considered essential preparation for the group chief executive role.
Peter King, who assumed the CEO position in 2020, leaves after navigating Westpac through a demanding period of regulatory remediation, cultural reform, and operational transformation following the circumstances that preceded his appointment. King's 30-year tenure at Westpac encompassed multiple senior roles before he reached the top job, and his departure represents the conclusion of a long service record that shaped much of the bank's current operating structure. The board acknowledged his contribution and indicated that he would be available to support the handover process during the transition period.
TRANSITION TIMETABLE AND STRATEGIC EXPECTATIONS
The 16 December start date for Miller provides a structured handover window through the final weeks of 2024, giving both the outgoing and incoming chief executives time to work through transition priorities before the new year. Westpac did not announce changes to the broader executive committee structure at the time of the appointment, meaning Miller will begin his tenure working alongside the leadership team already in place — an arrangement designed to minimise disruption during the changeover period.
For investors and analysts watching Westpac, the appointment of a known internal figure with a track record in both investment banking and divisional chief executive responsibilities provides a degree of clarity about the direction of the group's strategic priorities. Markets have generally reacted positively to internal appointments at major Australian banks when the incoming CEO comes with relevant experience and a demonstrated ability to manage large teams and complex balance sheets. The bank's focus on continuing the operational and cultural improvements initiated under King's leadership is expected to remain central to Miller's early agenda as Group CEO.