Westpac’s devastating anti-money laundering scandal has led to the widely anticipated step-down of its chief executive Brian Hartzer.
In addition, chairman Lindsay Maxsted will also push his retirement earlier to the first half of 2020. Meanwhile, chief financial officer Peter King will take over as acting CEO of the bank.
«We sought feedback from all our stakeholders including shareholders and having done so it became clear that Board and management changes were in the best interest of the Bank,» Maxsted said in a statement.
National Shaming
Financial crime watchdog AUSTRAC last week accused Westpac of 23 million breaches of anti-money laundering laws including for payments between known child exploiters. Senior officials have gone on record to slam the bank for its practices and Home Affairs Minister Peter Dutton was the latest to go on the offensive.
«It is clear […] that the Westpac banking bosses, through their negligence, have given a free pass to pedophiles and there is a price to pay for that, and that price will be paid,» Dutton told parliament one day before announcements of Hartzer and Maxsted’s exit.
