Westpac New Zealand has announced its new leader.
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The Westpac Banking Corp (ASX: WBC) share price is in focus this morning following the bank’s announcement that its New Zealand branch will be welcoming a new boss.
Catherine McGrath is set to take over the CEO position at Westpac New Zealand on 5 November.
The Westpac share price finished yesterday’s session trading at $25.07 after gaining 0.6% over the course of Thursday.
Let’s take a closer look at the upcoming changes for Westpac New Zealand.
Westpac New Zealand’s new CEO
The Westpac share price is on watch this morning amid word of its New Zealand business’ new boss.
From 15 November, Catherine McGrath will take on the CEO position at Westpac New Zealand.
McGrath’s most recent role was as head of channels at London-based bank, Barclays, where she oversaw 16,000 people.
She has also held executive roles at ASB Bank New Zealand and senior roles at Lloyds Bank.
Currently, Westpac’s New Zealand business is being run by interim CEO Simon Power, after former-CEO David McLean’s retirement.
Following McGrath’s appointment, Power will return to his role as general manager of institutional and business banking at Westpac New Zealand.
McGrath’s appointment is still subject to regulatory approvals.
Commentary from management
Westpac Group’s CEO, Peter King, commented on the news that might have put the bank’s share price in focus, saying:
Westpac New Zealand is a strong business that has been serving New Zealanders for 160 years. In our recent portfolio review of the business, we identified ways to improve service for customers, including improving our digital capabilities, an area in which Catherine has considerable management expertise.
Westpac New Zealand’s chair-elect, Pip Greenwood, also commented:
Catherine joins Westpac New Zealand at a time of opportunity for our business, as we support New Zealanders through the challenges of COVID-19, and we seek to differentiate ourselves through leading customer service.
Westpac share price snapshot
The Westpac share price has been performing well this year.
It has gained 27% year to date. It is also 53% higher than it was this time last year.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.