St George Chief to Step Down

Post by Neil on November 18, 2008 · Under Business News, Company News, banking ·  

St George Chief Executive officially resigned as Federal approval was given for the banks merger with its larger rival Westpac Banking Corporation.

Paul Fegan who has been in the top job since February this year largely as a result of his predecessor Gail Kelly assuming the top job over at Westpac, will step down officially on December 8th following six years with the company. Mr. Fegan receives a termination payment of A$ 2 million, on top of salary, leave and other entitlements.

St George’s shares will be suspended from the Australian Securities Exchange (ASX) at the close of trading Monday, after shareholders overwhelmingly approved a merger with Westpac. Court orders approving the schemes will be lodged with Australian Securities and Investments Commission (ASIC) later on Monday.

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