Hartzer to step down in wake of scandal

Westpac chief executive Brian Hartzer will step down and chairman Lindsay Maxsted will leave the board early, as the country's oldest bank is engulfed by a money laundering scandal.

In the face of fierce political pressure over bombshell allegations the bank failed to properly vet thousands of payments linked to child exploitation, Mr Maxsted on Tuesday said Mr Hartzer would be stepping down from Monday.

  • Clancy Yeates
  • The Sydney Morning Herald

Chief financial officer, Peter King, will act as CEO as the board seeks a long term replacement.

Long-serving Westpac board member Ewen Crouch, chair of the bank’s risk and compliance committee, will also bow to a likely shareholder protest vote and not …

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