3 May 2021

Westpac New Zealand Chief Executive David McLean today announced his retirement, effective Friday 25 June 2021.

Mr McLean has been a part of the Westpac team for 22 years, in various roles, and has led its New Zealand operations as CEO since June 2014.

“I have been in this role for nearly seven years and have come close to equalling the record tenure of our former CEO Harry Price.

“It’s the right time, both for the business and for me personally. The industry is going through a period of change and now is an appropriate time for a new leader to take the helm, and guide the organisation into the future.

“One of the things that I have found most satisfying in my time at Westpac is seeing the successful achievements of so many of our customers, and knowing that we have a played a small part in helping them achieve that success.

“I am also proud, in my time as CEO, of the work we have done championing diversity and inclusion; publishing our gender pay gap; embedding a new focus on culture and conduct; becoming the first New Zealand bank to be Living Wage accredited; and for rallying together to help the economy through the darkest days of the COVID-19 pandemic.  Most of all, I will miss working with the wonderful team at Westpac.

“But I am looking forward to thinking about the possibilities and challenges ahead. I’ve just finished two weeks touring the country on my Vespa in a charity rally, which gave me plenty of time to reflect and consider what retirement might hold for my family and I.”

Westpac New Zealand Chair Jan Dawson wished David all the best for his retirement.

“David has made a significant contribution to the organisation, not only in driving business performance, but also in reinforcing the company’s social purpose and taking a leadership position on important issues in the banking industry.

“Today’s strong half-year result showed that the bank is well-positioned financially and has a strong leadership team in place.”

Mr McLean will remain in the role until Friday 25 June when, subject to no objection from the Reserve Bank of New Zealand, Simon Power, General Manager Institutional and Business Banking will act as CEO while a global search is undertaken.