The Westpac Banking Corp (ASX: WBC) share price is pushing higher following the release of an announcement.
In morning trade, the banking giant’s shares are up 0.5% to $21.84.
What did Westpac announce?
This morning Australia’s oldest bank announced a new addition to its board.
According to the release, Westpac has appointed Dr Nora Scheinkestel LLB (Hons), PhD, FAICD as an independent non-executive director with effect from 1 March 2021.
Dr Scheinkestel will become a member of the Board Risk Committee and the Board Remuneration Committee upon her appointment.
The release explains that Dr Scheinkestel is a highly experienced company director, having served as a non-executive director across a range of public and private companies and government boards. She has also been a member of the Takeovers Panel.
At present, Dr Scheinkestel is a non-executive director of Telstra Corporation Ltd (ASX: TLS), Brambles Limited (ASX: BXB), and AusNet Services Ltd (ASX: AST). She is also an Associate Professor in the Melbourne Business School at the University of Melbourne.
Prior to her Board roles, Dr Scheinkestel was a senior banking executive and lawyer specialising in Australian and international project finance.
Westpac’s Chairman, John McFarlane, commented: “We are very pleased to welcome Nora to the Board. Nora has extensive board experience across a range of industries and her financial and risk management expertise and deep understanding of governance will complement the Board’s collective skills.”
Heading to the exits is Craig Dunn, who intends to retire from the board at the conclusion of the bank’s annual general meeting.
Commenting on Mr Dunn’s exit, Mr McFarlane said: “I would like to thank Craig for his ongoing contribution to Westpac. Craig has been an integral member of the Board and an outstanding shareholder representative. Craig will retain his current Board Committee roles while ensuring a smooth transition of the Remuneration Committee Chair prior to his retirement.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. 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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