Westpac has confirmed chair, Lindsay Maxsted, and board member, Anita Fung, will retire from the board, while John McFarlane would become chair of the Westpac Board and the Board Nominations Committee.
Both retirements would be effective from March 31, 2020, while McFarlane’s start would be effective 1 April, 2020, representing the start of Westpac’s 2H 2020.
Maxsted had previously announced he would bring forward his retirement into H1 2020, and McFarlane was appointed as non-executive director and chair-elect, joining on 17 February, 2020.
Fung joined the board and Westpac’s Asia Advisory board in October 2018 and was also a member of the Board Risk and Compliance Committee.
Due to her commitments in Asia increasing in 2020, Fung had chosen to retire from the board, but would remain on the Asia Advisory Board.
McFarlane said Maxsted’s wealth of experience and leadership as chair had been invaluable to Westpac during periods of significant change in the operating environment.
“We commend him for his professionalism and commitment to shareholders throughout his tenure and wish him well for the future,” McFarlane said.
“I know that I speak for many at Westpac when I say that Lindsay’s guidance and counsel will be greatly missed.”
Maxsted joined the board in March 2008, and had been chair since December 2011 and served on numerous board committees, including the audit, nominations, and compliance committees.