Westpac CEO Gail Kelly speaks about how she will retire in Sydney on November 13, 2014. (Associated Press)
Sydney:
One of Australia's most powerful female chief executives, Gail Kelly, today stepped down as the head of banking giant Westpac after seven years in the top job.
Kelly, who became Westpac's chief in 2008 and steered Australia's second-largest bank through the global financial crisis, will be replaced by Brian Hartzer, the firm's head of financial services.
"The Westpac Group is very well-positioned, with strong momentum and a high-quality team," Kelly said in a statement.
"This is an excellent time to hand the reins to our next CEO," she said, adding she had no specific plans for life after she steps down in February, although she expects to continue her work with non-government organisations
Westpac, one of Australia's big four banks, earlier this month reported a 12 per cent jump in full-year net profit to Aus$7.56 billion (US$6.58 billion), driven by growth in lending and customer deposits.
Shares in the bank slipped 1.11 per cent to close at Aus$32.96 in Sydney today.
Kelly said Hartzer was a "proven leader and a wonderful fit for the Westpac culture". Analysts said shareholders would be heartened by the succession plan after years of speculation about when she would leave.
Kelly, 58, has long been hailed as a trailblazer and was ranked 10th on Fortune's list of the most powerful women in global business.
She was born in Pretoria and initially worked as a Latin teacher in Rhodesia, now Zimbabwe, before moving back to South Africa with husband Allan to become a bank teller.
Kelly clawed her way up the ranks at South Africa's Nedcor Bank before moving with Allan and their four children to Australia in 1997.
She joined Australia's biggest bank, Commonwealth Bank, before becoming the chief executive of St George Bank in 2002. After moving to Westpac in 2008, Kelly oversaw its Aus$18.2 billion merger with St George in the same year.
She went on to become the highest-paid retail banker in Australia, pocketing Aus$12.8 million in the year to September 30, according to Westpac's annual report released on Wednesday.
Kelly, who became Westpac's chief in 2008 and steered Australia's second-largest bank through the global financial crisis, will be replaced by Brian Hartzer, the firm's head of financial services.
"The Westpac Group is very well-positioned, with strong momentum and a high-quality team," Kelly said in a statement.
"This is an excellent time to hand the reins to our next CEO," she said, adding she had no specific plans for life after she steps down in February, although she expects to continue her work with non-government organisations
Westpac, one of Australia's big four banks, earlier this month reported a 12 per cent jump in full-year net profit to Aus$7.56 billion (US$6.58 billion), driven by growth in lending and customer deposits.
Shares in the bank slipped 1.11 per cent to close at Aus$32.96 in Sydney today.
Kelly said Hartzer was a "proven leader and a wonderful fit for the Westpac culture". Analysts said shareholders would be heartened by the succession plan after years of speculation about when she would leave.
Kelly, 58, has long been hailed as a trailblazer and was ranked 10th on Fortune's list of the most powerful women in global business.
She was born in Pretoria and initially worked as a Latin teacher in Rhodesia, now Zimbabwe, before moving back to South Africa with husband Allan to become a bank teller.
Kelly clawed her way up the ranks at South Africa's Nedcor Bank before moving with Allan and their four children to Australia in 1997.
She joined Australia's biggest bank, Commonwealth Bank, before becoming the chief executive of St George Bank in 2002. After moving to Westpac in 2008, Kelly oversaw its Aus$18.2 billion merger with St George in the same year.
She went on to become the highest-paid retail banker in Australia, pocketing Aus$12.8 million in the year to September 30, according to Westpac's annual report released on Wednesday.
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