Yahoo Finance New Westpac CEO's eye-watering salary revealed: 'New era'
Westpac CEO Peter King is retiring from the top job, with Anthony Miller said to take the reins in December.
Westpac has announced a major shakeup of its executive team, with current CEO Peter King retiring after five years at the helm of the major bank. He will be replaced by Anthony Miller, who is set to rake in millions in the top job.
Miller joined Westpac in 2020 as head of its institutional bank and is currently chief executive of Westpac’s business and wealth division. He will succeed King on December 16.
Miller is set to earn a base pay packet of $2.5 million per annum, which is the same as King’s current package. He will also be eligible for an extra $2.35 million short-term bonus, and $3.5 million long-term bonus if he meets his performance hurdles.
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Westpac chair Steven Gregg said Miller was an “exceptional leader” and was the right person to take the bank into a “new era”.
“In our search for a CEO, we looked for an executive who is customer-focused with a proven record of performance and a deep understanding of the Australian market,” Gregg said.
“Anthony is that executive. He has a vision to return Westpac to a position of leadership and build on the foundational work of the past five years.
"As an internal appointment Anthony knows what needs to be done and will move at pace, ensuring a seamless transition.”
Miller said he was honoured by the appointment and excited to build on King’s work and “unleash Westpac’s true potential”.
“I want Westpac to be a bank built on trust and reliability – always there to help our customers through every one of life’s moments,” he said.
The move to replace 30-year veteran King comes after NAB’s former CEO Ross McEwan stepped down earlier this year, with Andrew Irvine taking the reins in April.
Irvine was also given a base salary of $2.5 million per annum. That leaves CBA and ANZ as the last of the major banks to announce leadership shakeups.
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How much do the major bank CEO’s earn?
The salaries of the Big Four bank CEOs for the last financial year were recently revealed, with all four CEOs raking in more than $2.3 million a year as a base salary. But some were making even more when things like bonuses and other income streams were accounted for.
Commonwealth Bank CEO Matt Comyn was the best paid of the Big Four bank heads, the Daily Telegraph found, earning about $2.5 million as a base salary, along with a $4.7 million bonus last year. His total pay was around $7.3 million.
ANZ head Shayne Elliot came in second, pulling in a $2.5 million base salary, on top of a $3.6 million bonus and other income. His total pay was about $6.2 million for the year.
Former NAB CEO Ross McEwan reportedly pulled in about $2.4 million as a base salary plus a bonus of around $3.7 million. His total income to around $6.2 million.
Outgoing Westpac CEO Peter King earned a $2.4 million base salary last year, plus about a $3.2 million bonus. His total income was about $5.7 million.
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