Westpac CEO Hartzer Resigns Amid Money-Laundering Scandal
- Hartzer steps down after bank sued over 23 million breaches
- Chairman Lindsay Maxsted to bring forward own retirement
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Brian Hartzer has resigned as Westpac Banking Corp. chief executive officer, succumbing to investor pressure after the lender was engulfed by allegations it committed the biggest violation of money-laundering laws in Australian history.
After a drumbeat of criticism from shareholders and government ministers, Chairman Lindsay Maxsted bowed to the inevitable and announced Tuesday that Hartzer, 52, would step down Dec. 2. Chief Financial Officer Peter King will be acting CEO, while the bank undertakes a global search for a successor.