BTFG CEO to depart following restructure

Westpac has announced that its BT Financial Group (BTFG) businesses will be merged into the bank's consumer and business divisions and that BTFG chief executive Brad Cooper will depart the role.

Prior to joining BTFG in 2010, Cooper led the merger implementation planning and integration between St.George and Westpac as Westpac Group's chief transformation officer. He first joined the group in April 2007 as the chief executive of Westpac New Zealand.

Westpac Group chief executive Brian Hartzer said that "Brad is a highly-regarded executive" and praised his contribution over the past 12 years and "his leadership in designing the way forward for wealth."

He added: "Under his leadership, BT has consistently moved ahead of the industry on reform, including removing grandfathered commissions and introducing the first transparent system where customers can rate their adviser. Brad has set the Group up for further commercial success with our open architecture wealth platform, BT Panorama, which is rapidly attracting advisers and growing FUA."

Cooper will stay on during the transition of BT's businesses into their new divisions, following which he will seek a new leadership role outside the group, Hartzer said.

In other group executive changes, Westpac has announced that its consumer division will be led by current business bank chief executive, David Lindberg, and that consumer bank chief executive, George Frazis, will depart the group.

The departure date below is indicative only and will be updated as more information is made public.