Australia’s scandal-hit Westpac names KPMG partner as CFO

Westpac Banking Corp (WBC.AX) on Tuesday named KPMG partner Michael Rowland as its chief financial officer, filing the last of its top three positions with permanent appointees more than six months after facing a major money-laundering scandal.

With Rowland in office later this year, Australia’s second-largest bank will be hoping to bring leadership stability after the scandal forced a managerial shake-up.

Veteran banker John McFarlane was appointed chairman early this year, while Peter King, who was previously the CFO, was named chief executive on a permanent basis in April.

“Michael’s experience is broad across both CFO and business leadership roles,” King said in a statement, adding that his experience at KPMG would bring “valuable external perspectives.”

Rowland has been with KPMG since 2014 and prior to that had held various roles at No.4 lender Australia and New Zealand Banking Group (ANZ.AX).

Acting chief financial officer Gary Thursby, who took on the role in December after King was appointed acting CEO, will continue until Rowland assumes office.