Why the Westpac (ASX: WBC) share price is pushing higher

The Westpac Banking Corp (ASX:WBC) share price is on the move today after announcing changes to its board…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Westpac Banking Corp (ASX: WBC) share price is pushing higher following the release of an announcement.

In morning trade, the banking giant's shares are up 0.5% to $21.84.

What did Westpac announce?

This morning Australia's oldest bank announced a new addition to its board.

According to the release, Westpac has appointed Dr Nora Scheinkestel LLB (Hons), PhD, FAICD as an independent non-executive director with effect from 1 March 2021.

Dr Scheinkestel will become a member of the Board Risk Committee and the Board Remuneration Committee upon her appointment.

The release explains that Dr Scheinkestel is a highly experienced company director, having served as a non-executive director across a range of public and private companies and government boards. She has also been a member of the Takeovers Panel.

At present, Dr Scheinkestel is a non-executive director of Telstra Corporation Ltd (ASX: TLS), Brambles Limited (ASX: BXB), and AusNet Services Ltd (ASX: AST). She is also an Associate Professor in the Melbourne Business School at the University of Melbourne.

Prior to her Board roles, Dr Scheinkestel was a senior banking executive and lawyer specialising in Australian and international project finance.

Westpac's Chairman, John McFarlane, commented: "We are very pleased to welcome Nora to the Board. Nora has extensive board experience across a range of industries and her financial and risk management expertise and deep understanding of governance will complement the Board's collective skills."

Heading to the exits is Craig Dunn, who intends to retire from the board at the conclusion of the bank's annual general meeting.

Commenting on Mr Dunn's exit, Mr McFarlane said: "I would like to thank Craig for his ongoing contribution to Westpac. Craig has been an integral member of the Board and an outstanding shareholder representative. Craig will retain his current Board Committee roles while ensuring a smooth transition of the Remuneration Committee Chair prior to his retirement."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »