Westpac CFO moves to Challenger

Challenger has appointed Rachel Grimes as its new chief financial officer.

Grimes has been a general manager of group finance since late 2019. She first joined Westpac in 2007 as director of mergers and acquisitions, co-leading the merger with St.George, then the largest financial services transaction in Australian history.

Challenger managing director and CEO Richard Howes said he is excited to welcome Grimes to the organisation. "Rachel brings an outstanding track record as a leader in her field with significant experience as a technical and commercial finance executive. Her in-depth knowledge across wealth management, life insurance and banking, as well as experience in financial controls, governance and transformation programs will support our continued focus on strategic growth initiatives, including the integration of the MyLife MyFinance Bank."

Grimes started her career as a graduate with PwC and spent another decade with BT before it was acquired by Westpac. For the last several years she's served on the board of the International Federation of Accountants (IFAC). She has been president of the organisation since late 2016.

Grimes replaces Andrew Tobin, who signalled his intentions to leave the business earlier this year.