Westpac appoints Paul Fowler as new wealth head
People | Feb 04, 2025 | EIN
Westpac Banking Corp, Australia’s second-largest bank, has announced the appointment of Paul Fowler as the new Chief Executive of its Business & Wealth division. Fowler succeeds Peter Herbert, who had been the acting head. Fowler will join from Commonwealth Bank of Australia, the largest bank in the country, where he served as Executive General Manager, Regional and Agribusiness Banking in Business Banking. Fowler has an extensive background in corporate finance, having worked at Goldman Sachs and Citigroup before joining CBA. Westpac’s CEO, Anthony Miller, praised Fowler’s track record, highlighting his expertise and leadership skills. This appointment follows a management restructuring initiated under CEO Miller amidst regulatory scrutiny. Over six years, the bank has seen a shuffle of executives in this role. Following this announcement, Westpac shares were trading at A$33.35, contributing to the bank’s market capitalization of A$114.1 billion.
Sectors
- Banking and Finance
- Corporate Finance
Geography
- Australia – The article centers around Westpac, an Australian bank, and its recent executive appointment, with references to Australia's largest bank, CBA.
Industry
- Banking and Finance – The article focuses on leadership changes within Westpac, one of Australia's major banks, highlighting the financial industry's trends and key players.
- Corporate Finance – Paul Fowler's background in corporate finance roles at institutions like Goldman Sachs and Citigroup indicates a strong connection to this industry as it relates to his expertise and Westpac's strategic positioning.
Financials
- A$33.35 – Westpac's share price following the announcement.
- A$114.1 billion – Market capitalization of Westpac.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Fowler | Chief Executive, Business & Wealth | Person | Recently appointed as Westpac's Chief Executive, Business & Wealth, bringing extensive experience from Commonwealth Bank of Australia. |
| Westpac Banking Corp | Company | Company | Australia's oldest and second largest bank, undergoing leadership changes in its Business & Wealth division. |
| Commonwealth Bank of Australia | Previous Employer | Company | Australia's largest bank and Paul Fowler's previous employer. |
| Anthony Miller | CEO, Westpac | Person | CEO of Westpac who announced Paul Fowler's appointment and has been involved in restructuring the bank’s management. |
| Peter Herbert | Acting Chief Executive, Business & Wealth | Person | Previously held the interim role before Paul Fowler's appointment. |
| Chris de Bruin | Former Chief Executive, Consumer and Business Banking | Person | Held the combined role prior to the 2023 management split and restructuring. |