Westpac appoints acting business and wealth head, ASIC concludes global search for key execs, Citi Australia announces new risk chief.
Executive
◼️ Westpac has appointed Peter Herbert as Acting Chief Executive, Business & Wealth.
Herbert steps into the role vacated by Anthony Miller, who has been announced as Westpac’s next Chief Executive.
Herbert currently serves as Chief Operating Officer, Business & Wealth.
Herbert, recognised by Westpac as a “seasoned banking executive”, joined the bank in following an 18-year tenure at HSBC.
This included a five-year stint as Regional COO, Asia Pacific, Retail Banking & Wealth Management, and prior to this as Chief of Staff.
“Peter is an accomplished, engaging and accessible leader who has built a culture of innovation since joining Westpac,” incumbent CEO Peter King said.
“He will provide stable and experienced leadership to the Business & Wealth division when Anthony [Miller] steps into my role at the end of the year.”
Westpac confirmed that Herbert will serve in an interim capacity while a global search is undertaken for a permanent Chief Executive, Business & Wealth.
◼️ The Australian Securities and Investments Commission (ASIC) has made key appointments to its executive leadership as part of the regulator’s wholesale transformation program.
- Peter Soros has been named ASIC’s next Executive Director Regulation and Supervision, commencing in November.Soros joins ASIC from AUSTRAC, Australia’s financial intelligence and anti-money laundering and counter-terrorism financing regulator, where for the last six years he has served as Deputy CEO Regulation. In this role, Soros has been responsible for AUSTRAC’s regulatory and compliance operations as well as legal, policy and communication functions.Last year, he also held the role of Acting CEO over an eight-month period.
Soros previously held the role of Chief of Staff in the ministerial portfolios of Human Services and Justice.
- Chris Savundra has been appointed Executive Director of Enforcement and Compliance, effective 28 October 2024. As part of the new role, Savundra will oversee the leadership, management and strategic direction of ASIC’s enforcement and compliance response to misconduct across all regulated sectors, except markets.Savundra is currently ASIC’s General Counsel and Executive Director Legal Services, with the regulator recognising his “significant litigation experience”, including the handling of “significant and complex matters such as the Bank Bill Swap Rate litigation”.Boasting an extensive legal background, Savundra joined ASIC from the litigation group of Allens Arthur Robinson (now Allens) in Perth.
With current CEO Warren Day’s secondment to the Commonwealth Director of Public Prosecutions, ASIC confirmed it will also undergo a “global search” for a new permanent CEO.
ASIC will also recruit for the soon-to-be vacant General Counsel and Executive Director Legal Services role.
ASIC Chair Joe Longo welcomed the new appointments, hailing the “invaluable” talent and experience the pair will bring to their respective roles.
“The cumulative effect of these changes will help ensure ASIC is set up to meet the challenges and opportunities the agency faces”
“The work we have undertaken on ASIC’s transformation is delivering positive results for Australians, and we acknowledge that there are opportunities to continue that improvement.”
◼️ The Super Members Council (SMC) has promoted Georgia Brumby (pictured) to Deputy Chief Executive.
Brumby has served as Executive General Manager, Advocacy since the SMC’s formation in October 2023 – responsibilities she will retain as Deputy CEO.
In her new role, Brumby will report directly to Chief Executive Misha Schubert, with the pair working closely to deliver on the peak body’s advocacy priorities.
“Georgia’s appointment as deputy chief executive recognises her leadership role at SMC that advocates for 11 million Australians with super,” Schubert said.
Prior to joining the SMC, Brumby was Director of Advocacy, Corporate Affairs and Strategy at Industry Super Australia.
She previously served in a variety of media advisory and strategy roles for the Office of the Premier of Victoria under the Andrews Government, including as Deputy Director of Media, and prior to this with the Federal Government.
◼️ Citi Australia has appointed Elizabeth McAlpine to serve in the dual roles of Head of Risk and Corporate Credit Risk.
McAlpine in her new role will oversee the company’s regulatory and governance risk management, portfolio risks as well as Citi’s lending and counterparty credit risk activities.
She joins Citi after a more than 16-year tenure as part of J.P. Morgan’s Australia and New Zealand arm, most recently as Relationship Executive – Corporate Client Banking. Prior to this, McAlpine was Head of Credit Risk, and held similar roles at National Australia Bank in her early career.
McAlpine will report to Citi Australia and New Zealand Chief Executive Mark Woodruff, who said he “[looked] forward to her contribution to our leadership team and the local and global franchise”.
As corporate credit lead, McAlpine will also report to Ashish Sethi, Head of Japan, Asia North and Australia cluster and banking risk.
McAlpine said she was “delighted to be joining Citi and [looked] forward to leading Citi’s best-in-class governance and risk management environment to deliver great outcomes for clients.”
◼️ Pepper Money has appointed Matt Perry as the new Head of Product for Asset Finance.
As product head, Perry will oversee product development, strategy and innovation, “focusing on delivering solutions that enhance customer experience and support the company’s growth objectives”.
Perry brings more than 25 years’ experience in asset finance, product development, and business growth to the new role.
Most recently, he served as Chief Commercial Officer at fintech YouX Powered, responsible for commercial strategy and partnerships. Prior to this, he played a key role in the startup and expansion of Angle Auto Finance as Head of Strategic Growth.
He previously held senior leadership positions in the UK and Australia, with prominent roles at established players Westpac Group, Lloyds Banking Group, and Eric Insurance.
Ken Spellacy, General Manager of Asset Finance at Pepper Money said the firm was “thrilled” to welcome Perry to the new role, noting his “extensive knowledge of auto finance, along with his strong relationships in the industry and innovative approach to product development”
“His strategic thinking and deep understanding of market trends will help drive the continued success and growth of Pepper Money’s product offerings.”
◼️ New Zealand-based insurtech Javln has appointed David Leach as Chief Executive.
Leach’s appointment follows founder Dale Smith’s transition to Chair after more than a decade as Javln CEO.
Leach joins from inventory management software firm Cin7 where he has served as CEO and board member since 2019. He previously held senior positions at software company ezyVet and IT consulting firm Qrious, as well as nearly a decade with Orion Health.
Leach has been a Javln board member over the last four months.
“I have seen the transformation potential of Javln first-hand and I’m thrilled to take on this role and lead the company’s next phase of growth,” Leach said.
Smith said he was “incredibly excited for the future of Javln under David’s leadership and [has] complete confidence in the executive team we have built”.
Current Javln chair Kerry McIntosh will remain on the board as a director.
◼️ French reinsurer Scor has announced Paula Bourke as CEO of Life and Health for Australia and New Zealand.
Bourke, a Scor veteran, was most recently Deputy CEO for Australia and New Zealand and Global Head of Proposition and Innovation within the reinsurer’s Life and Health division, a role she held for two years.
Prior to this, she served as Strategic Head of Underwriting & Claims of the division for six years.
Previously she held senior underwriting and claims roles at Westpac, and CommInsure.
“With over 26 years in the insurance industry and eight years at Scor, Paula brings a wealth of experience to the role,” the company said in a statement.
“Her strong technical expertise and deep knowledge of the Australian and New Zealand life and health markets are invaluable.
“We are confident that she is well equipped to excel in this new position.”
Board
◼️ The Australian and New Zealand Institute of Insurance and Finance (ANZIFF) has appointed Munich Re Managing Director Australasia Scott Hawkins to its board.
Hawkins has served with Munich Re for two decades and has overseen its Australian and New Zealand businesses since 2021 after six years as Head of Non-Life Australasia.
Before joining the reinsurer, he spent two years at QBE as a reinsurance underwriter and three years at the Australian Prudential Regulation Authority as a risk specialist.
“His expertise and leadership will be invaluable as ANZIIF continues to evolve, ensuring we continue to deliver high-quality education as well as a modern and relevant membership-based community for all insurance professionals,” CEO Katrina Shanks said.
Hawkins says he is excited to work with the “excellent ANZIIF team” and looks forward to helping guide the education and career development of insurance employees.
ANZIFF touts itself as Australia’s “leading insurance and finance membership, education, training and professional development organisation”.