Dump directors or we’ll oust the lot, Westpac told

Original article by Michael Roddan, Andrew White
The Australian – Page: 1 & 4 : 27-Nov-19

Westpac chairman Lindsay Maxsted has indicated that he will have no role in the global search for a successor to CEO Brian Hartzer. CFO Peter King will become acting CEO following Hartzer’s resignation over the Austrac scandal, while Maxsted himself intends to bring forward his retirement to the first half of 2020. Meanwhile, Westpac may face a board spill at its upcoming annual meeting, with institutional investors demanding that more directors and executives be held accountable for the scandal. Hartzer will receive a $2.7m payout, although he will forgo short-term and long-term bonuses worth up to $22m.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIANSUPER PTY LTD, UNISUPER LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, STANDARD AND POOR’S FINANCIAL SERVICES LLC

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