Deputy CEO to retire from Westpac

Westpac Group has announced that long-standing deputy CEO, Phil Coffey, will retire from the group, effective 31 May 2017.

Coffey's career with Westpac has spanned over 20 years, 15 of which as part of the group's executive team. Previous to his three years as deputy CEO, he was the chief financial officer and group executive for Westpac Institutional Bank.

Commenting on his departure, CEO Brian Hartzer said that Westpac had benefited from Coffey's "deep financial services experience, his business and risk judgment and his insightful leadership."

"Phil retires having made a very significant contribution to the Group. In his role running our Institutional Bank he helped lift the business to industry leadership, a position it continues to hold today. And as Chief Financial Officer during the global financial crisis, Phil was instrumental in seeing Westpac emerge as a stronger and better company."

Coffey added: "Westpac has given me the wonderful opportunity of a varied and challenging career since I joined more than 20 years ago. Over that time, we have handled the disruption from Y2K, the DotCom era, 9/11 and the Global Financial Crisis."

Coffey will continue in his role as chair of Westpac Bicentennial Foundation.