Anthony Miller has been appointed as the new Chief Executive Officer of Westpac, effective December, succeeding Peter King.

Mr Miller, who joined Westpac in 2020, previously led the Institutional Bank and Business & Wealth divisions.

Chairman Steven Gregg cited Miller’s customer focus, performance record and understanding of the Australian market as key reasons for his appointment.

Mrs Gregg stressed that Miller’s internal promotion will ensure a smooth transition.

Mr Miller, formerly Chief Executive Officer of Deutsche Bank Australia/NZ, with a background at Goldman Sachs, has extensive experience in investment banking and a strong grasp of retail banking needs.

He looks to build on King’s achievements and enhance Westpac’s potential.

Peter King, who has led Westpac through a significant overhaul and transformation, is credited with a major risk management overhaul, simplification of the bank and improvements in customer protection and digital products.

Mr King, who hired Miller, supports his successor and praises his readiness for the CEO role.

Miller and King will work on a smooth transition following this year’s Annual General Meeting.