Westpac shares up amid Board changes following AUSTRAC investigation
26 November 2019
- Westpac (ASX:WBC) shares are up after the Board announced CEO and Managing Director Brian Hartzer will step down
- It comes in the wake of an AUSTRAC investigation into an alleged 23 million breaches of anti-money laundering and counter-terror finance law by the bank
- The outgoing CEO will be paid $2.69 million over the next twelve months while serving his notice period
- Chief Financial Officer, Peter King, will fill the position until the next CEO is found
- Director, Ewen Crouch will not seek re-election at the next AGM, and company Chairman Lindsey Maxsted will bring forward his retirement to next year
- Westpac shares are up 1.8 per cent after the announcement, trading for $24.88 each
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Westpac shares up amid Board changes following AUSTRAC investigation
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