In morning trade the Westpac Banking Corp (ASX: WBC) share price is dropping lower with the rest of the market.
At the time of writing the banking giant's shares are down 0.5% to $17.87 despite announcing the appointment of a key executive.
What did Westpac announce?
This morning Westpac announced the appointment of its new chief financial officer, subject to regulatory approvals.
This follows the promotion of its previous chief financial officer, Peter King, to the role of chief executive officer in April.
According to the release, Australia's oldest bank has appointed Michael Rowland as its new chief financial officer.
Mr Rowland replaces acting chief financial officer Gary Thursby and joins from accounting giant KPMG, where he is a Partner in Management Consulting, specialising in financial services.
The company notes that Mr Rowland brings deep experience across the financial services industry, having previously held senior positions at KPMG, ING Australia, and rival Australia and New Zealand Banking GrpLtd (ASX: ANZ).
He was with ANZ from 1999 to 2013 in various roles. This includes the CFO of Institutional Banking, CFO of Wealth, CFO of New Zealand, CFO of Personal Financial Services, and business leadership roles as CEO of Pacific, Managing Director of Mortgages, and General Manager of Transformation.
Mr King commented: "Michael's experience is broad across both CFO and business leadership roles. His most recent experience in consulting as a senior partner at KPMG also brings valuable external perspectives."
"In particular, Michael's expertise in business restructuring, delivering sustainable productivity and revenue programs and in disciplined financial management will be an important contributor to making Westpac a simpler and stronger bank. I'm delighted that Westpac has attracted someone of Michael's calibre" added the CEO.
Westpac advised that Gary Thursby will remain as the bank's acting chief financial officer until Mr Rowland joins Westpac later in the year.
