Australia's second-largest mortgage lender, Westpac, appointed Peter Herbert as the acting Chief Executive Officer (CEO) for its Business and Wealth segment. The appointment, which takes effect on November 5, comes as the bank undergoes significant leadership changes.

Herbert will be stepping into the role, temporarily replacing Anthony Miller, who is set to take on the position of Westpac’s CEO on December 16. This leadership transition follows the planned retirement of current CEO Peter King, who will leave his position in December.

Peter Herbert, who joined Westpac in 2020, brings a wealth of experience to his new interim role. Prior to his tenure at Westpac, Herbert held several executive positions at global banking giant HSBC. 

His most notable role there was as the Chief Operating Officer for the Asia-Pacific division within the Retail Banking and Wealth Management segment. Since joining Westpac, Herbert has been serving as the Chief Operating Officer for the Business and Wealth segment, making him a logical choice to temporarily lead the division as the company searches for a permanent CEO.

The leadership transition at Westpac is part of a broader strategy to ensure a smooth handover of responsibilities. Peter King, the outgoing CEO, expressed his confidence in Herbert’s ability to guide the Business and Wealth segment through this period of transition. “The change will also allow Anthony [Miller] to spend time with me in a handover period before he begins as CEO,” King said in a statement.

Westpac also announced that it is conducting a global search to find a permanent CEO for the Business and Wealth segment. Herbert’s appointment as acting CEO provides stability during this search process and ensures that the segment remains focused on its strategic goals while leadership changes are finalized.

Herbert’s leadership comes at a critical time for Westpac as the bank continues to navigate challenges within Australia’s financial sector. The Business and Wealth segment is a key part of Westpac’s operations, especially as the bank strengthens its position in wealth management and business banking. Westpac is one of Australia’s "Big Four" banks and is a dominant player in the mortgage lending market, with significant assets under management across both personal and business banking services.

The incoming CEO, Anthony Miller, will take the helm of Westpac at a time when the Australian banking industry faces both regulatory pressures and competitive challenges. Miller’s experience in leadership roles within the banking sector is expected to help drive Westpac’s growth initiatives while navigating the regulatory landscape.

As Westpac undergoes this leadership shift, the bank remains focused on its commitment to providing strong service across its business and wealth management sectors while continuing to meet the evolving needs of its customers.