(Updates with details and background in paragraphs 2-5)
Oct 16 (Reuters) - Australian lender Westpac (WBC) on Monday appointed Steven Gregg as chairman-elect, replacing John McFarlane who will complete his term on Dec. 14.
Steven Gregg has been the chairman of Australian fuel retailer Ampol (ALD) since 2017 and of the ASX-listed Lottery Corporation (TLC) , a position he will retire from in the first quarter of 2024.
Gregg, whose appointment will be effective Nov. 7, will take the role over from veteran banker McFarlane, who has served as the bank's chair since 2020 and was previously the group chairman of global investment bank Barclays PLC.
McFarlane is also the former chief executive of one of Australia's 'Big Four' banks, ANZ Group (ANZ) .
"From my observation, Westpac is in a period of transition. After the hard work of simplification over the past three years, now is the time to look forward and have a strong ambition," said Gregg.
News: WBC UPDATE 1-Westpac appoints Steven Gregg as chair, veteran McFarlane to step down
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