Local News

Westpac boss Gail Kelly announces retirement

Gail Kelly.

Westpac CEO Gail Kelly has announced that she will retire from her position in February next year.

Mrs Kelly will be replaced by Brian Hartzer, the chief executive of Westpac’s Australian Financial Services division.

Chairman Lindsay Maxsted said Ms Kelly, who has led Westpac for seven years, made “outstanding contribution” to the bank.

“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. 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,” Mr Maxsted said in a statement.

“Gail leaves the Group in strong shape, and well placed to compete in the next phase of our strategy.”

Mrs Kelly said: “It has been a great honour for me to be the CEO of this wonderful company. It has been an amazing seven years, during which time Westpac has fundamentally transformed and grown.

Last financial year, Mrs Kelly became the highest paid boss of a retail bank in Australia, pocketing $12.8 million, and earlier this month, the bank posted a record $7.6 billion profit.

“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,” she said.

Related stories

Unwind and relax with your favourite magazine!

Huge savings plus FREE home delivery