The Westpac Banking Corp (ASX: WBC) share price is pushing higher this morning.
At the time of writing, the banking giant's shares are up almost 1.5% to $22.36.
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Why is the Westpac share price rising?
The Westpac share price is rising on Thursday after the market responded positively to a restructuring announcement.
According to the release, the company is undertaking a restructuring to support the bank's next strategic phase. Management notes that the changes follow a period of simplification for the bank and believe it will position the company for future growth.
The restructuring involves appointing a number of dedicated group executives that will be responsible for its consumer banking and business banking operations.
Westpac's CEO, Peter King, explains:
To sharpen our focus, we are appointing dedicated Group Executives responsible for Consumer banking and Business banking. Over the past few years we've simplified the bank, including exiting nine businesses. As a result, we no longer need a Specialist Businesses Division. We are also establishing a stand-alone function to accelerate our Technology simplification and will move Operations to Corporate Services, creating an expanded shared services team.
The new structure will give the leadership team a greater focus on growing their businesses and delivering for customers.
Leadership changes
The leadership changes include the following:
- Jason Yetton, Chief Executive, Consumer
- Anthony Miller, Chief Executive, Business & Wealth
- Nell Hutton, Chief Executive, Westpac Institutional Bank
- Scott Collary, Chief Information Officer
- Carolyn McCann, Group Executive Customer & Corporate Services
One executive that won't be sticking around following the restructuring is Chris de Bruin, who is the current Chief Executive, Consumer & Business Banking. He has decided to leave the bank to pursue new opportunities.
Westpac advised that the organisation changes will take effect on 1 August 2023 and will be reflected in the 2024 financial results.
The Westpac share price is up almost 9% over the last 12 months.
