Banking News

Westpac's deputy chief to step down

Westpac’s deputy chief to step down

(16 March 2017 – Australia) Westpac deputy chief executive Phil Coffey announced his retirement this week, after more than 20 years with the bank.

Reports suggests Westpac will not seek a replacement for the outgoing Coffey.

Coffey has spent the past three years as deputy chief executive. Prior to that, he was the group’s chief financial officer for eight years, and group  executive of the bank’s institutional unit for four years.

Westpac chief executive Brian Hartzer said of the departure: "As chief financial officer during the global financial crisis, Phil was instrumental in seeing Westpac emerge as a stronger and better company.”

Coffey was appointed to the role of deputy chief executive by the bank’s previous chief executive, Gail Kelly and oversaw the transition between her, and current CEO Hartzer.

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