The board of Westpac has amended chief executive Peter King's employment contract, removing the initial two-year term.
King confirmed he has committed to a multi-year plan to turn the company around. His other contract terms remain unchanged.
Chair John McFarlane said King has made significant contributions to the bank through the pandemic and the AUSTRAC matter.
"His strategy reset is already driving fundamental change to how the company operates with clearer accountability, faster decision making and a focus on improving risk management. He has also refreshed the executive team and refocused the bank on its core markets and products," McFarlane said.
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King was appointed acting chief executive in December 2019, following the resignation of Brian Hartzer over the AUSTRAC investigation. King took on the role as permanent chief executive in April this year.
King has worked at the bank for the last 25 years in a number of senior management roles including chief financial officer, deputy chief financial officer and group general manager of finance.
Commenting on the amended employment contract, King said it is a privilege to lead Westpac.
"While I am pleased with what we have achieved over the last six months, we have a significant agenda ahead that required a longer-term commitment than two years. I am determined to see Westpac return to a leadership position," he said.