(Reuters) – Westpac Banking Corp (AX:) on Thursday named banking veteran John McFarlane as chairman-elect, entrusting the former Australia and New Zealand Banking Group (AX:) boss to help steer it through the fallout of a massive money-laundering scandal.
The scandal, which came to light in November and involved child exploitation, had led to resignation of Chief Executive Brian Hartzer and forced current Chairman Lindsay Maxsted to bring forward his retirement.
McFarlane, who was chairman of British bank Barclays (L:) until May last year, will assume charge on April 2 and oversee the search for a new CEO.
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