“The board conducted a global search to find Westpac’s new CEO, and we appointed Anthony knowing he brings the right mix of his banking experience, courageous and inspiring leadership, and a customer focus,” Gregg said.

“The unanimous vision of the board is that he has experience, vision and ambition for this role.”

King, who spent close to five years at the helm of Westpac, said now was the right time to retire after he had simplified the bank, improved its risk management and returned it to growth. He halved the prudential regulator’s 2019 capital add-on charges for the bank amid corporate governance concerns to $500 million. On Monday he said cultural changes took time to fully flow through an organisation.

“Our people understand risk and proactively manage it, and we’re good at getting things done,” King said. “But when you strip it back, it’s about culture and culture takes time to change. I’m really pleased with the steps we’ve made.”

Miller will be tasked with further improving corporate governance at Westpac, which is under investigation by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority over allegations its mortgage broking subsidiary, RAMS Home Loans, “conducted business with unlicensed persons and [gave] misleading information”.

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Westpac last month announced it was effectively closing the RAMS business and King on Monday said the bank had processes in place that were focused on good outcomes for customers, and that it was not afraid to make the “hard decisions” when needed.

Miller will receive a fixed salary of $2.5 million, plus short and long-term bonuses. UBS banking analysts said they viewed the appointment as positive for Westpac.

“We think Miller is well regarded internally at the bank and externally by key stakeholders, including major shareholders,” they said.