Westpac New Zealand chief executive Peter Clare has resigned
from the company in order to recover from major heart
surgery, the transtasman bank has announced.
"Following a recent, major medical procedure to correct a
heart condition, Mr Clare has decided it is the right time to
take an extended break and provide himself with the best
opportunity to make a full recovery," Westpac said in a
Clare, an Australian, took over the top job at the bank's New
Zealand division from fellow Aussie George Frazis in early
He has been on leave since May.
The bank said acting Westpac New Zealand chief executive
David McLean would continue to act in the role while an
internal and external search was carried out in order to find
"Peter played a very important role in executing the merger
with St.George Bank," said Westpac group chief executive Gail
Kelly. "He successfully led our product and operations
division and established a strong platform on which the group
continues to build." Kelly said Clare had delivered
"all-round solid results".
Clare said it had been a privilege to lead Westpac New
Zealand and its 4600 staff.
"The New Zealand business is in good shape and I know that
the team will continue to ensure it goes from strength to
strength. I look forward to watching its continued success,"
"However, following my recent, successful surgery to correct
a heart condition I have decided that now is the right time
to have an extended break to ensure a complete recovery."