Westpac announces John McFarlane as incoming Chairman

ASX
Release


23 JANUARY 2020

WESTPAC ANNOUNCES JOHN MCFARLANE AS INCOMING CHAIRMAN

Westpac Group today announced the appointment of Mr John McFarlane to the Westpac
Board as Non-Executive Director and Chairman-Elect, succeeding Lindsay Maxsted on 2 April
2020.

Mr McFarlane will commence his role as Non-Executive Director in February, subject to
regulatory approvals.

Mr Maxsted said, “Mr McFarlane is not only well known in Australia and New Zealand, but is a
respected banking leader globally who brings to our organisation more than 44 years’
experience in financial services. He has worked across retail and wholesale banking and
markets, as well as in life and general insurance, and has board and public service experience
in this and other fields.

“Over the past 27 years he has been a main board director of five of the world’s leading
financial institutions, including as executive and non-executive chairman, chief executive and
executive and non-executive director roles. He has a proven track record in delivering results,
along with cultural and organisational change.

“Most recently, Mr McFarlane was Chairman at Barclays in London, which after the global
financial crisis underwent a decade of challenge. During his four years as Chairman, the
company was streamlined, repositioned and has sustainably returned to profit. Prior to this, he
delivered a successful turnaround program at UK insurer Aviva, a company similar in scale to
Westpac.

“Mr McFarlane is passionate about driving progress in the banking industry. He was Chairman
of TheCityUK, the UK’s coordinating financial services body, which accounts for 11% of UK
GDP and represents the interests of more than 1.3 million employees.

“In addition to his global career, Mr McFarlane brings a deep understanding of Australia’s
banking sector, including delivering significant value at ANZ over his 10-year tenure as CEO,
which also included 10 years as a Director of the Australian Bankers’ Association, two as
Chairman.

“This experience, coupled with his strong customer and employee focus, will be invaluable to
Westpac as the organisation executes its strategy and implements its Response Plan for the
AUSTRAC Statement of Claim.

Level 18, 275 Kent Street
Sydney, NSW, 2000

“As Chairman-Elect, Mr McFarlane will be responsible for appointing a permanent CEO, with
an internal and external search process currently underway. In the interim, he will work closely
with the Acting CEO, Peter King and the Board, to effect needed change,” Mr Maxsted said.

Mr McFarlane said it was an honour to become Chairman of Australia’s oldest company and
one so pivotal to the Australian and New Zealand economies.

“People close to me know that on my return to Australia, I hadn’t intended to take another
major leadership role. However, I’m passionate about the Australian banking sector, and I’m
excited by the challenge of returning Westpac to its place as a leading global bank, following
recent events.

“To some extent, the internal and external challenges ahead for Westpac are not dissimilar to
those in my last five financial institutions, and I have therefore grown comfortable about my
capacity to work with the Board and management to effect the necessary change.
Nevertheless, I’m sufficiently battle-hardened to realise things can be tougher than you think
and that in banking, nothing is ever certain.

“My focus initially will naturally be on resolving the company’s current issues but equally
important, to position it as quickly as possible for long-term success. Fortunately, Westpac
has wonderful core customer franchises, each with significant opportunity.

“The appointment of a world-class CEO can take time. In the interim, momentum is important. I
will work closely with Peter King and the Board to continue to make any changes necessary.
People should expect to see positive change during this period.

“I also realise that success isn’t only as a result of the efforts of current incumbents, but to the
foundations laid over time by our predecessors. In this respect, I would like to pay particular
thanks to Lindsay Maxsted for his significant contribution to the company and am proud to take
over the role from a leader of his calibre.

“We will work closely over the next two months to ensure an orderly transition. However, we
both wanted to move quickly with this announcement to provide certainty to the market and to
assure it of our joint commitment to the success of the company,” Mr McFarlane said.

Mr McFarlane has returned to live in Australia permanently.

For further information:

Mary-Louise Dare Andrew Bowden
Media Relations Investor Relations
0434 699 605 +61 2 8253 4008


This document has been authorised for release by Timothy Hartin, Group Company Secretary.

John McFarlane Biography

Executive Career
1997 – 2007 Chief Executive Officer, ANZ Group Ltd (AU)
1993 – 1997 Group Executive Director, Standard Chartered plc (UK/HK)
1975 – 1993 Head United Kingdom and Ireland, Citicorp / Citibank (UK)
1969 – 1974 Various roles manufacturing, Ford Motor Company (UK)

Non-Executive Directorships – Corporations
2008 – current Director, Old Oak Holdings Ltd (UK)
2018 – current Director, Unibail-Rodamco-Westfield SE (France)
2015 – 2019 Chairman, Barclays plc (UK)
2015 – 2018 Chairman, Barclays Bank plc (UK)
2014 – 2015 Chairman, FirstGroup plc (UK)
2012 – 2015 Chairman, Aviva plc (UK)
2008 – 2012 Director, The Royal Bank of Scotland Group plc (UK)
2014 – 2018 Director, Westfield Corporation Ltd (AU)
2008 – 2018 Director, Westfield Holdings Ltd / Westfield America Management Ltd
(AU)
2004 – 2007 Director, ANZ National Bank Ltd (NZ)
1995 – 1998 Director, Capital Radio plc (UK)

Directorships, Memberships – Public Service
2011 – current Scotland International (UK) – Member
2016 – current The Worshipful Company of International Bankers (UK) – Member and
Liveryman
2019 – current The Guild of Freemen (UK) – Member and Liveryman
2015 – 2019 TheCityUK (UK) - the senior financial services body in the UK –
Chairman
2015 – 2019 Financial Services Trade and Investment Board (UK), Director
1992–96 / 2010-19 Cranfield School of Management Advisory Board (UK), Member
2012 – 2019 European Financial Roundtable (EU), Member
2016 – 2019 Institut International d’Etudes Bancaires (EU) –Member

2002-05 / 2017-19 The International Monetary Conference (US) - President and Director
2012 – 2019 Confederation of British Industry (UK) - Member President’s Committee

2004-07 / 2018-19 Asia Business Council (HK) – Member
2016 – 2019 Blackpool National Advisory Board (UK) – Co-Chair
2008 – 2010 Economic Research Institute for ASEAN and East Asia (Indonesia) -
Governing Board Director
2005 – 2007 Australian Government Foreign Affairs Council (AU) – Member

2005 – 2007 Australian Government Financial Literacy Board (AU) – Member
2002 – 2007 Australian Government Business Regulation Advisory Group (AU) –
Member
2000 – 2007 Australian Business Arts Foundation (AU) – Member
1999 – 2007 Australian Financial Markets Foundation for Children (AU) – Director
1999 – 2003 Australian Graduate School of Management (AU) – Director
1998 – 2000 Business Council of Australia (AU) – Director
1997 – 2007 Australian Bankers Association (AU) – Chairman and Director
1994 – 1999 Bank of England Financial Law Panel (UK) – Member
1991 – 1997 Auditing Practices Board (UK) – Director
1989 – 1991 London Stock Exchange (UK) – Director and Council Member
1989 – 1990 The Securities Association (UK) - Director (Securities Regulator, now
Financial Conduct Authority)