Westpac Banking Corp (ASX: WBC) shares are edging slightly higher on Tuesday morning.
At the time of writing, the banking giant's shares are up a touch to $32.47.
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What's going on with Westpac shares today?
The big four bank's shares are rising today after despite announcing the exit of another key executive.
It has been an eventful couple of years in the Westpac head office with a number of members of its leadership group stepping down.
For example, in November 2023 the company appointed Steven Gregg as a non-executive director and chairman-elect. This was in response to the exit of its then-chairman John McFarlane after two years at the helm.
Then just yesterday, Anthony Miller became Australia's oldest bank's new chief executive officer (CEO) and managing director. He moved up from Westpac's Business & Wealth division to succeed Peter King, who retired after a 30-year career at Westpac including five years as its leader.
But less than a day after starting in the role, Anthony Miller will be losing his chief financial officer (CFO).
CFO to exit
According to the release, Anthony Miller has announced that Michael Rowland has notified him of his intention to retire as CFO in 2025. Rowland has been with Westpac since 2020.
Commenting on the exit, Westpac CEO Anthony Miller said:
Michael has played an important role in the financial management of Westpac since the disruption of COVID-19 and has been instrumental in establishing Westpac's strong position. During his tenure, he's seen the company through a significant business transformation, maintained a robust capital position and overseen consistent, sustainable returns to shareholders.
Michael is a team player known for his characteristic mix of dedication, attention to detail and sense of humour. I thank Michael for his service to Westpac and wish him all the very best as he steps into the next chapter of his career.
The release notes that Rowland will remain in his role as CFO while Westpac undertakes a search for his successor.
Can its shares go higher?
Following today's movements, Westpac shares are now up over 40% since this time last year. To put that into context, a $10,000 investment a year ago would now be worth approximately $14,000.
While most brokers believe that this makes Westpac's shares overvalued, one has recently broken ranks and given the bank a price target well above the others.
According to a note out of UBS this week, its analysts have retained their buy rating and $37.00 price target on the bank's shares. This implies potential upside of 14% for investors from current levels.
UBS is bullish as it believes the bank is positioned to outperform consensus expectations.
