The Westpac Banking Corp (ASX: WBC) share price has continued its positive run on Thursday despite announcing the upcoming retirement of one of its executives.
In morning trade the banking giant's shares are up 1.2% to a 52-week high of $29.96.
What did Westpac announce?
This morning Westpac announced that its chief financial officer, Peter King, has decided to retire in 2020 after 25 years with the bank and 5 years in the role.
The bank's chief executive officer, Brian Hartzer, spoke very positively about the retiring executive.
He said: "Peter has played a critical role during a period of major change in Australian banking and as a result of his expertise and dedication, Westpac is a better and stronger bank."
"During his time as CFO Peter has overseen a significant increase in the strength of our balance sheet, including the implementation of new capital, funding, and liquidity requirements. In addition, he has helped deliver a significant increase in investment to modernise and digitise our business, a reshaping of our business portfolio, and material improvements in productivity," added Mr Hartzer.
The outgoing executive appears confident that he is leaving the bank in a strong position.
Mr King said: "I have had a varied and challenging career since joining the Group 25 years ago. Over that time, I have been involved in WIB and Treasury, Technology and Operations, Business and Consumer Banking and of course the Group Finance function."
"Westpac has transformed itself through this period and is now a stronger, and more customer focused organisation. While we have more work to do, I believe Westpac is on the right track to not only continue to be financially successful but to be an organisation that customers want to bank with, and staff are proud to work for," he concluded.
Westpac is now on the lookout for a replacement and has commenced an international search. Mr King has given 12 months' notice and will continue in his role until a successor is appointed.
Why is the Westpac share price at a 52-week high?
Investors have been piling into the banks again this month due to positive signs in the housing market and the hunt for yield in the low interest rate environment.
The National Australia Bank Ltd (ASX: NAB) share price also hit a 52-week high this morning and the Commonwealth Bank of Australia (ASX: CBA) share price isn't far from its own.
