Westpac appoints new CFO

Westpac Group has appointed Michael Rowland as chief financial officer, subject to regulatory approval.

Mr Rowland, who will assume the role later this year, will permanently replace Gary Thursby, who has served as acting CFO since December 2019.

Mr Thursby took the helm from Peter King, who replaced former group CEO Brian Hartzer.  

Mr Rowland joins Westpac from KPMG, where he has served as a partner in management consulting.

The new appointee has previously held senior executive roles at ANZ over a 14-year period, which included stints as CEO Pacific, managing director mortgages and general manager transformation.

During this period, Mr Rowland also served as CFO of ING Australia from 2002 to 2004 following its joint venture with ANZ.

Commenting on his appointment, Westpac CEO Peter King said: “Michael’s experience is broad across both CFO and business leadership roles. His most recent experience in consulting as a senior partner at KPMG also brings valuable external perspectives.

“In particular, Michael’s expertise in business restructuring, delivering sustainable productivity and revenue programs and in disciplined financial management will be an important contributor to making Westpac a simpler and stronger bank.

“I’m delighted that Westpac has attracted someone of Michael’s calibre,” said Mr King.

This is the latest of a number of executive changes at Westpac, and follows the appointment of Les Vance to the new role of group executive, financial crime, compliance and conduct.

Westpac is yet to announce permanent replacements for chief executive, consumer, David Lindberg and chief information officer Craig Bright after their resignations were announced in May.

[Related: Westpac’s head of retail steps down]