NAB CFO Nathan Goonan will join Westpac as its new chief executive officer, as Anthony Miller has been reshaping the team since his appointment six months ago. On March 17, National Australia Bank confirmed that CFO Nathan Goonan would leave the company to join rival Westpac. NAB revealed the departure of its finance chief along with several other top executive changes, while Westpac announced Goonan’s appointment to the same role, starting later this year.
In September 2024, Westpac made Anthony Miller, head of its business and wealth unit, CEO. Henry Jennings, a senior analyst at Marcus Today, said, “With Andrew Irvine now CEO at NAB, changes were expected.” He also noted that with a new CEO at Westpac, this seemed like a reshuffling of roles.
Westpac Names Nathan Goonan as CFO
Over the last six months, Westpac has been making changes in its executive members’ panel. In September 2024, Anthony Miller, head of its business and wealth unit, was promoted to the role of Chief executive officer. He has been consistently making changes to build a more efficient and profitable team. Westpac CFO Michael Rowland will stay in his position until Goonan joins the bank.
In December 2024, Rowland announced his plans to retire in 2025.
Nathan Goonan Resigns as NAB CFO
In July 2023, Goonan was promoted to chief financial officer at National Australia Bank from his previous role of executive general manager of group strategy and development. Since his appointment, NAB’s share prices have gained over 26%, as of March 14, the last stock’s price close under Goonan’s tenure. Last month, NAB also named Andrew Irvine as its new CEO, who was earlier serving as the head of its business and private banking.
Impact on NAB and Westpac’s Future Strategy
Nathan Goonan’s move from NAB to Westpac is expected to significantly impact both banks’ strategies. Goonan’s leadership at NAB saw impressive growth, and now, with him joining Westpac, the bank is set to benefit from his expertise in financial management. This shift could enhance Westpac’s market position as it continues to evolve under new leadership.
Westpac Stock Update
Last week, Westpac’s stock saw fluctuations, starting at AUD 30.69 on March 10, before dropping to AUD 29.78 by March 14. Throughout the week, the stock experienced a steady decline, with daily changes of around 2%.
However, on March 17, after the announcement of Nathan Goonan’s appointment as the new CFO, Westpac’s shares rose by 0.7%. In contrast, shares of National Australia Bank (NAB), where Goonan previously worked, saw a slight decline of 0.4%. The market reacted positively to the news of the leadership change at Westpac.
