Westpac has ended a near six-month job search to replace its chief financial officer by appointing KPMG partner Michael Rowland to the top role. Mr Rowland will take up the position later this year, closing a recruitment drive sparked by Westpac’s 2019 AUSTRAC scandal that thrust then CFO Peter King to take helm of the country’s second largest bank.
Mr King was elevated to chief executive after Brian Hartzer’s abrupt resignation from the banking group following revelations Westpac had committed 23 million alleged breaches of financial crimes law.
The financial crimes watchdog flagged the anti-money laundering breaches related to transactions linked to child exploitation and human trafficking.
The impact of the scandal prompted Westpac to warn of a $1.4 billion profit hit as a result of the investigation in April.
The case matter is before the Federal Court.
Westpac noted Mr Rowland’s hiring had partly been driven by his expertise in business restructuring and robust knowledge of financial management.
“In particular, Michael’s expertise in business restructuring, delivering sustainable productivity and revenue programs and in disciplined financial management will be an important contributor to making Westpac a simpler and stronger bank,” Mr King said.
Mr Rowland had held previous senior executive positions at rival bank ANZ, including CFO of its institutional and wealth divisions.
He was also the previous CFO of ING Australia from 2002 to 2004.
Gary Thurby will continue as Westpac’s acting CFO until Mr Rowland’s regulatory approval is finalised.
Cathay Rises Most Since 2008 as Reopening Chance Offsets Virus – Bloomberg
Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to mainland China, a move that could inject the beleaguered carrier with some much-needed …
Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to mainland China, a move that could inject the beleaguered carrier with some much-needed passenger traffic.
The tweet from the Global Times added fuel to Cathay’s Wednesday morning rally, pushing it to a 12% gain, its biggest since October 2008. Shares closed at HK$5.88 in Hong Kong. The newspaper cited a source it didn’t ident…
Students breach Melbourne coronavirus restrictions for McDonald’s trip – NEWS.com.au
Students breach Melbourne coronavirus restrictions for McDonald’s trip
A trio of vloggers who broke Melbournes strict lockdown restrictions for a trip to McDonalds and then posted about it on social media have been fined thousands of dollars for their naive and shameful stunt.The five-minute video was filmed by a group of international students stuck in Melbourne, who posted about it on Chinese social media site Weibo, where it was viewed tens of thousands of times in the space of a few hours, before it was deleted following widespread criticism.
The deleted video…
The Show’s a no-show, but you can still grab a bag – The Age
The COVID-19 pandemic has scuppered this year’s Royal Melbourne Show, but fans can enjoy “a little bit of happiness in a year that is so stressful” by buying showbags online.
She is disappointed the family won’t be going this year. The show, due to start on September 19, was cancelled due to the COVID-19 pandemic.
Instead, to give the boys a taste of the excitement, Ms Antonello paid $65 to buy three showbags online.
The top-selling showbags for Bensons Trading (Bluey, Harry Potter and Barbie) and for Chicane Showbags (Bertie Beetle, The Australian Women’s Weekly and My Kitchen Rules).
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