BT chief executive quits

BT Financial Group has announced its chief executive David Clarke will step down as head of the group in February to pursue “wider business interests”, two years after taking on the role of integrating the investment firm into the broader Westpac group.

Clarke, who joined Westpac in 2000 as head of its banking and financial solutions division, will be replaced by BT general manager distribution Rob Coombe.

Westpac chief executive David Morgan says Clarke has been the key driver behind BT’s successful integration into the bank.

“Two years ago, David agreed to lead the integration of the three wealth management businesses and this has been an outstanding success,” Morgan says.

Westpac estimates that synergies from the BT acquisition are now in the range of $116 million per annum - a figure well above original estimates of $65 million per year at the time BT’s acquisition was announced in October 2002.

Coombe, who joined Westpac with the acquisition of BT, will take the reigns from Clarke in February.

According to Morgan, with solid performances across its funds over the past year and fund flows on the rise, the group has been able to put the barrage of criticism it faced not so long ago firmly behind it.

“Rob inherits a revitalised BT Financial Group and a strong leadership team which David has built up over the last two years,” he says.

Prior to taking on the head of distribution role, Coombe was an executive vice president under the old BT structure with responsibility for the asset accumulation business.

In his existing role he has responsibility for the distribution of all investment and platform products, including BT Wrap, Westpac Broking and recently took over responsibility for Westpac’s financial advisers and planners.

Coombe’s remuneration arrangements will be released prior to him taking up the new role.