Westpac's new chair an appropriate fit due to finance background - MS

Lottery

16/10/2023 23:57

** Analysts at Morgan Stanely say the new chair of
Australia's Westpac  WBC.AX  seems to be an appropriate fit 
    ** Westpac on Monday appointed Steven Gregg as chair,
replacing John McFarlane
    ** Brokerage views Gregg's financial services background and
experience as board member at various companies including fuel
retailer Ampol  ALD.AX  and local gaming co Lottery Corporation
 TLC.AX  as important attributes
    ** Believes Westpac needs to improve its franchise
performance and deliver margin management better than its peers
    ** Stock has fallen 8.7% this year, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))