Westpac COO Gary Thursby, who has been with the organisation for eight years and was previously CFO of CBA, will step into the CFO role following an executive shakeup at the organisation.
Current CFO Peter King will become the acting CEO after Brian Hartzer stepped down on Tuesday.
The moves come after the disclosure of 23 million transactions related to money laundering. Board chair Lindsay Maxstead said, "We are currently working through our response to the Statement of Claim and will shortly commence the independent review."