Shinsei Bank Names David Morgan, Former Westpac Chief, as Senior Adviser
Morgan, 63, took the position Sept. 2, Eiji Otaka, a spokesman for Shinsei, said today by telephone from Tokyo. Morgan now oversees JC Flowers & Co. LLC’s Europe and Asia- Pacific operations after serving as chief executive officer at Australia’s Westpac Banking Corp. until 2008.
Shinsei’s board of directors appointed Morgan, an 18 year Westpac veteran, to advise the Japanese bank as it rebuilds its management after a failed merger with local rival Aozora Bank Ltd. Shinsei shares have tumbled 36 percent since the merger talks broke down on May 14.
Masamoto Yashiro, former chief executive officer, Rahul Gupta, former chief financial officer, and several Shinsei managing directors have resigned to take responsibility for two straight years of losses.