UBank, Westpac and RBNZ announce big-name departures, while Aware Super welcomes new head of data and AI.
Executive
◼️ Philippa Watson, Chief Executive of NAB’s digital banking subsidiary Ubank has resigned.
Watson (pictured), who has served as Ubank CEO since 2020, was hailed for leading the bank through “significant transformation”, including the acquisition and integration of rival neobank 86 400.
“She has built a technology platform and culture that positions the business for continued momentum and long-term growth. We are grateful to Philippa for her contribution and wish her well,” said NAB Group Chief Operating Officer and Ubank Chair, Les Matheson in a statement.
Matheson said he will work with the outgoing Ubank chief to ensure “a smooth transition over the coming months” as the Group seeks a new UBank head.
Ubank has grown significantly in recent years, today boasting more than 850,000 customers – an increase of more than 100,000 in the 12 months to September 2024 alone. Among the biggest of Australia’s digital-only banks, Ubank’s loan book sits at $13.4 billion, equal to four per cent of the Group’s book, with total deposits of $19.7 billion.
◼️ Westpac has confirmed the forthcoming departure of Chief Executive, Consumer Jason Yetton.
Yetton has led the division since August 2023.
Westpac Chief Executive Anthony Miller recognised Yetton for his role in “[stewarding] our consumer division back to growth, with impressive and consistent results across the board, but particularly in transactional banking.
“Westpac’s banking app is rated the best in Australia, and this is a testament to Jason’s drive, delivery and strong execution focus,” Miller said.
Yetton re-joined Westpac in 2020 following an early-career stint with the Group through the early to mid-2000s, including with wealth subsidiary BT. Across his more than 20 years with Westpac Group, Yetton held several group executive roles, including Group Strategy, Westpac Retail and Business Banking, Specialist Business Division, as well as senior positions in BT Financial Group.
“Jason has played a significant role at Westpac over many years, from his early days at BT to the strategic review of our specialist businesses, where he successfully led the divestment of ten businesses,” Miller said.
“I thank Jason for his outstanding contribution to our people and customers for the past two decades,” he added.
Yetton will remain with the bank while it searches for his replacement.
◼️ The Reserve Bank of New Zealand (RBNZ) has announced the resignation of Governor Adrian Orr.
Orr, appointed Governor in March 2018, recognised the “considerable progress” achieved during his term in transforming Reserve’s monetary and financial policy, “alongside driving much-needed maturity uplifts in our balance sheet capital, digital, data and technology”.
“We’ve advanced many major, multi-year programs to modernise and strengthen the RBNZ and the New Zealand financial system and led the implementation of strategies related to the Future of Money and Cash, Future of Payment and Settlements, Financial Inclusion, Climate Change, and Māori Access to Capital,” Orr said.
Board Chair Neil Quigley recognised Orr’s critical role in leading key institutional reforms to support the implementation of the new Reserve Bank Act, Deposit Takers Act, and Depositor Compensation Scheme.
“In particular, Adrian has demonstrated resilience and fidelity to the Bank in operationalising the changes in governance and decision-making that followed from the creation of a Monetary Policy Committee with external members from 2019 and the Reserve Bank Act coming into force in July 2022,” Quigley said.
“He has also driven a significant uplift in leadership and capability across the Bank, and modernised its culture to reflect contemporary New Zealand society,” he added.
Deputy Governor Christian Hawkesby will step in as Acting Governor until 31 March, and will Chair the Monetary Policy Committee during this time.
From 1 April the NZ Government will appoint a temporary Governor for a period of up to six months.
Orr concludes his term on 31 March.
◼️ The RBNZ has also announced the departure of Assistant Governor/General Manager Information, Data and Analytics Kate Kolich after three years in the role.
Assistant Governor/General Manager People and Technology John McDermott noted Kolich’s critical contributions to transforming the RBNZ’s data and insights capability.
McDermott recognised Kolich’s “substantial contribution… in modernising our information, data and analytics platforms and processes”.
“We wish her the best as the next steps of her career unfold,” he added.
Assistant Governor/General Manager Finance and Commercial Operations Greg Smith will step in as Acting General Manager Information, Data and Analytics for an interim period.
Kolich will depart the Reserve at the end of March.
◼️ Aware Super has appointed Mythili Baker as the super fund’s inaugural Head of Data and AI.
Commenting on her appointment, Baker said the new role offers an “incredible opportunity to leverage data and AI to drive innovation and growth”
Welcoming the appointment of Baker, Aware Super said the new role will “solidify our position as an industry leader in technology and innovation by shaping and executing a comprehensive enterprise data and AI strategy”.
The $177 billion super fund noted its recent completion of a three-year project to insource its administration and digitise systems, enhancing its operational efficiency.
Baker most recently served as Regional Manager for NSW and QLD at data and analytics consultancy firm Altis. Across her nearly two decades with the firm, Baker also held the roles of Head of Innovation and Program Manager.
Prior to joining, Baker was Chief Technology Officer and Commercial Adviser for Lymbase, a cloud-based platform for health clinicians.
◼️ Bupa has formally appointed Kate Williams as Managing Director, Health Insurance Australia.
Williams has been acting in the role since September 2024, with her permanent appointment settled after “extensive internal and external process”, the health insurer said.
Williams previously served as Bupa’s Director, Domestic Retail Portfolio for two years, overseeing the firm’s health insurance retail business in Australia. In this role, she led product and service development, and delivery and services for Bupa’s Australian retail customers.
Williams joined Bupa in 2021 as General Manager, Customer Strategy and Go-to-Market.
Williams has notched up more than 15 years in the health insurance and financial services sectors, including senior roles at Medibank and ANZ.
She joined Bupa from Medibank subsidiary ahm Health Insurance, where she was General Manager of Strategy & Proposition.
APAC Chief Executive Nick Stone said he was “delighted we’ve been able to appoint an executive of Kate’s talent from within our own leadership pipeline, and reward one of our talented leaders with strong career opportunities at Bupa”.
“Her leadership alongside the team has resulted in stronger advocacy, retention and growth of our customers, and significant improvement in our products, services, and strategic partnerships.
“As we continue to focus on innovating and delivering value for our customers, including through our digital health platform, Blua, Kate’s leadership will be critical to navigating through this transitional time for the healthcare sector.”
Board
◼️ ING Australia has appointed Jan Swinhoe as Non-Executive Director.
Swinhoe boasts a 30-year career in financial services spanning institutional banking, wealth management, superannuation and insurance, including senior roles at AMP, Mercantile Mutual Life, Citibank, County NatWest and Westpac.
Jan commenced her non-executive career in 2011, and she has held Director roles in retail banking, superannuation and insurance.
She currently serves on the Boards of Swiss Re, Life and Health, Vanguard Super and Australian Philanthropic Services.
◼️ The Tech Council of Australia (TCA) has appointed Scott Farquhar, Co-Founder and Board Director of Atlassian, as Chair.
Farquhar succeeds Robyn Denholm, who has led the TCA since its inception in 2021. Denholm will remain on the TCA board.
“Leading the Tech Council of Australia as inaugural Chair has been a privilege,” Denholm said.
“Over the past three and a half years, we have worked to establish the tech sector as a critical pillar of Australia’s economy, securing bipartisan support for key initiatives and shaping policies that enable Australian innovation to thrive.
“I am incredibly proud of what we have achieved together — including our bipartisan jobs goal, critical changes to migration policy and my ongoing work on Australia’s R&D review. I look forward to continuing to support the TCA as a Board member.”
TCA Chief Executive Damian Kassabgi said he was “delighted to welcome” Farquhar, a founding member of the TCA, as the peak body’s second-ever Chair.
“As one of Australia’s original tech success stories, proving that Australian tech can go global and that we can keep and foster international talent locally.
“Scott’s leadership will be invaluable in shepherding the industry forward and ensuring the TCA continues to champion policies that unlock Australia’s tech potential.”