Westpac Banking Corp (ASX: WBC) shares are on the move today as the bank announces it has created a new position to drive change.
Westpac shares are up 0.43% today, trading at $23.59 at the time of writing. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.55% today.
Let’s take a look at what’s happening at Westpac.
New executive
Westpac has created a new position with the title Chief Transformation Officer. Yianna Papanikolaou has been appointed to the role and will join the company’s executive team. Her responsibilities will include major change, investment programs and accountability for the bank’s Customer Outcomes and Risk Excellence (CORE) program.
Papanikolaou recently joined Westpac as the general manager of the Group Transformation Office.
CEO Peter King commented on the appointment:
Continuing to transform culture and risk management remains a major focus for the Group in our efforts to build a simpler, stronger bank and the CORE program is an integral part of this plan.
Yianna brings a wealth of global experience in large scale transformations across major organisations.
Subject to regulatory approval, Papanikolaou will start in April. Her global experience includes senior roles at Deutsche Bank in the United Kingdom, Royal Bank of Scotland, and Accenture.
My Foolish colleague James reported recently that the team at Morgans consider Westpac shares great value now. The broker has a $29.50 price target on the company’s shares.
The S&P/ASX 200 Financials Index (ASX: XFJ) is climbing 0.79% at midday on Wednesday. Westpac makes up 18% of the total market cap of the financials sector on the ASX.
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 1.42% today, National Australia Bank Ltd (ASX: NAB) is climbing 0.24%, Commonwealth Bank of Australia (ASX: CBA) is ahead 0.64% and Macquarie Group Ltd (ASX: MQG) is 1.05% in the green.
Westpac share price recap
The Westpac share price has fallen nearly 5% in the past 12 months, though it has gained more than 10% year to date.
In the past month, Westpac shares have climbed 2.25%, and nearly 9% in the past week.
Westpac has a market capitalisation of $82.5 billion based on its current share price.
The post Own Westpac shares? Here’s why change is afoot appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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