NewCo CEO takes on new challenge at Westpac

CBA's NewCO CEO, Jason Yetton, is leaving the organisation to take on a new role at Westpac.

Westpac CEO Peter King announced the establishment of a new specialist business division, which will both simplify and expand the scale of business units including superannuation and investments. "The changes today are a significant step to reducing the complexity of our portfolio and will allow the group executives to focus on improving performance in our Australian and New Zealand banking businesses," King said in results published to the ASX.

Yetton joined CBA in late 2018 to look after NewCo, which was planned to be a listed wealth management and mortgage broking business. The demerger of NewCo was paused in early 2019 with different parts of the business sold off.

Before joining NewCo, Yetton was the CEO and MD of SocietyOne, a fintech focused on consumer finance.

This is a return to Westpac for Yetton, who spent more than seven years with the organisation, including more than three years as group executive for Westpac's retail and banking business. He was also the GM of BT customer solutions for four years.