Westpac shares marching higher amid latest executive shakeup

With today's announcement, Westpac continues to reshape its top level leadership.

| More on:
three businessmen stand in silhouette against a window of an office with papers displaying graphs and office documents on a desk in the foreground.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Westpac Banking Corp (ASX: WBC) shares are marching higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock closed yesterday trading for $3.57. In morning trade on Wednesday, shares are changing hands for $31.91 apiece, up 1.1%.

For some context, the ASX 200 is up 0.5% at this same time.

This follows news of another new top level appointment at the big four bank.

Here's what's happening.

ASX 200 bank appoints new CPO

In an announcement this morning deemed non-price sensitive to Westpac shares, the company reported it has appointed Kate Dee to the position of chief people officer (CPO).

Dee will report directly to CEO Anthony Miller.

Miller, who joined Westpac in 2020 from Deutsche Bank, took over the top spot from former CEO Peter King in December 2024.

Dee is currently CPO at Bupa Asia Pacific. Westpac said she will take up her new position later this year.

"Kate is a highly accomplished leader who has successfully steered people and culture teams in a range of industries around the world. She will be a great addition to the Westpac group executive," Miller said.

Miller added:

At Westpac, we have 35,000 wonderful people and we are on a mission to make this the best place to work. Kate will help us reach that goal.

I look forward to seeing Kate's energetic and engaging approach in action at Westpac, alongside her steady focus on linking customer outcomes to an organisation's people and culture.

It was only two weeks ago, on 17 March, that Westpac shares grabbed our attention after the bank announced the appointment of Nathan Goonan as chief financial officer (CFO). Goonan, who will replace current CFO Michael Rowland, is stepping over from National Australia Bank Ltd (ASX: NAB), where he's been since 2013.

"Nathan is a seasoned financial services executive, with more than 20 years' experience across all aspects of banking," Miller said in March. "His breadth of knowledge across many areas, coupled with his deep expertise in finance, makes him an ideal fit."

How have Westpac shares been tracking?

Alongside the other big four ASX 200 banks stocks, Westpac enjoyed a stellar run in 2024, with shares soaring 41.1% over the year. This saw Westpac stock hit a near five-year closing high of $34.71 on 14 February.

Since then, Westpac shares have come under selling pressure, alongside the other banks and the broader market.

At today's $31.91 a share, Westpac stock is down 8.1% since 14 February.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Bank Shares

Bank building with the word bank in gold.
Bank Shares

What price targets does Macquarie have on the big 4 banks?

Here's what the broker has to say about the big 4 bank share prices.

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Bank Shares

Should I buy ANZ shares today?

With a 5.7% dividend yield, are ANZ shares a good buy right now?

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Bank Shares

Can Bank of Queensland shares keep outperforming the other ASX 200 bank stocks into 2026?

A leading expert offers his verdict on what’s ahead for Bank of Queensland shares.

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

Forget CBA shares, Ord Minnett says this ASX bank stock could rocket 50%+

Let's see which bank stock could be a better buy.

Read more »

ASX 200 shares broker downgrade origami paper fortune teller with buy hold sell and dollar sign options
Broker Notes

Are Bendigo Bank shares a buy, hold or sell? Here's Macquarie's latest recommendation

Should I buy the dip on Bendigo Bank shares today?

Read more »

A man thinks very carefully about his money and investments.
Bank Shares

Why these experts say sell CBA shares now

These two investment experts recommend selling CBA shares today. But why?

Read more »

A human-like robot checks out market performance on a laptop, indicating the rise of AI shares.
Bank Shares

Westpac share price drops despite key AI appointment

The banking giant is doubling down on its AI ambitions.

Read more »

A woman looks questioning as she puts a coin into a piggy bank.
Bank Shares

Should you buy NAB shares in June?

Is this the right time to invest in the ASX bank share?

Read more »