John McFarlane named new chairman of scandal-hit Westpac_1

Westpac has named banking veteran John McFarlane as chairman-elect, entrusting the former ANZ boss to help steer it through the fallout of a massive money-laundering scandal.

The scandal, which came to light in November and involved child exploitation, had led to the resignation of chief executive Brian Hartzer and forced current chairman Lindsay Maxsted to bring forward his retirement.

Mr McFarlane, who was chairman of British bank Barclays until May last year, will assume charge on April 2 and oversee the search for a new CEO.