Obituary: Westpac's change agent and former CEO dies & More News Here

Credited with driving the financial institution to the highest within the Nineteen Nineties, Westpac New Zealand’s longest-serving former chief govt, Harry Price, has died aged 80.

Price joined the financial institution in 1961 as a junior in Dunedin and remained a loyal worker for 40 years. He labored in a number of senior govt positions, together with as New Zealand’s chief govt from 1992 to 1999. He then held a senior position with Westpac in Sydney.

In 2000, Australia’s former Westpac Banking Corporation CEO, David Morgan, mentioned: “Mr Price’s leadership has resulted in Westpac becoming the largest bank in New Zealand. Over many years Mr Price drove Westpac’s New Zealand business, including the acquisition of Trust Bank in 1996.”

Harry Price was appointed as chief govt with a short to implement change, increase effectivity and buyer satisfaction, and flip the financial institution round with a brand new strategic route. Within a couple of brief years, New Zealand’s Westpac was outperforming its Australian guardian.

Based on the financial institution’s former head workplace at 318 Lambton Quay in Wellington, Price was the primary Kiwi to be appointed chief of Westpac New Zealand and the primary to not have beforehand labored at Westpac’s Australian headquarters.

“Harry was an excellent CEO and the last of the real leaders who worked from shop floor to top floor by the power of character, intelligence, and pure horsepower – no fancy school, impressive qualifications, and smooth talking … Everyone who followed was in his shadow, literally and figuratively,” wrote former Westpac worker, Stu Woollett, on a tribute web site.

In the Nineteen Nineties, Westpac’s 14 per cent market share was too small to be successful within the wider retail market. To be a reputable power, it wanted market share of a minimum of 20 per cent – one thing it might solely attain by means of acquisition. Westpac launched a $1.3 billion bid to accumulate Trust Bank which was already in negotiations with The National Bank. Westpac received.

Reflecting on his time on the prime, Price regarded the merger to kind WestpacTrust as successful, having exceeded its price financial savings targets – practically $300 million yearly – and with buyer attrition through the merger nicely beneath anticipated ranges.

When leaving the position, he famous that the job had been a lonely one, with the continued challenges of balancing the competing calls for of shareholders, clients, and employees.

Throughout his 4 many years, Price was considered as a powerful advocate for ladies within the banking career, with many since acknowledging the break he gave them.

As chief govt, he labored tirelessly to make sure Westpac New Zealand maintained as a lot autonomy as attainable but performed a key position within the group. “Basically, I don’t want to see this bank do what all the others have done, and that is everything ends up in Australia,” he mentioned in 1999.

For years he fought for Westpac New Zealand to be listed on the native share market and on the finish of his tenure was profitable. At the time, he mentioned the transfer was not pushed by a necessity to boost capital however “to get more New Zealanders owning the shares”.

After leaving the financial institution within the early 2000s, Price took on a number of directorships. He and his spouse moved and developed a property close to Queenstown the place he died peacefully on May 9 – simply days after his eightieth birthday.

Harry Price is survived by his spouse Margaret, his daughters Kristen and Glenn, and their respective households.

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