Westpac consumer boss George Frazis is leaving after the lender asked business bank chief executive David Lindberg to take over the unit.
Westpac said Mr Frazis, the former St George CEO who has been chief executive of the consumer bank since 2015, will leave in June ‘to pursue other leadership opportunities’.
Mr Lindberg will take on the consumer role as Westpac absorbs insurance into the division as part of a wealth overhaul that includes an exit from personal financial advice.
‘As head of the business bank, David and his team took it to No.1 in customer satisfaction, transformed its digital offering and consistently grew cash earnings by carefully managing margins, operating expenses and improving service quality,’ Westpac chief executive Brian Hartzer said.
‘He is also an experienced retail banker, having worked across three Australian banks in a number of operational and strategic positions.’
Mr Lindberg held senior positions at ANZ and CBA before joining Westpac in 2012 as chief product officer, with responsibility for all digital activity.
Mr Frazis had previously been touted by some analysts as a possible successor to Mr Hartzer.