The bank is facing a potentially massive fine over claims that it failed to report millions of global fund transfers, including "high-risk transactions" to Southeast Asian nations potentially linked to child exploitation.
However, his so-far unvested short and long-term bonuses will not be paid and he will not be eligible for any future bonuses.
"As appropriate, we solicited feedback from our stakeholders, including shareholders, and it became clear that changes to the board and management were in the best interest of the bank", mentioned Maxsted.
Meanwhile, chief financial officer Peter King will take over as acting CEO of the bank. King introduced his retirement in September however will stay till a everlasting alternative is appointed.
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Fans can not help but share their opinions on who should Mayweather fight next. "I'll still travel and do exhibitions". Another opponent could be Danny Garcia the former two-division champion who is eyeing January to return to the ring.
Within the midst of the bloodshed, President Lindsay Maxsted introduced that he'll postpone his retirement to "the first half of 2020", whereas longtime director, Ewen Crouch, is not going to search to be reelected.
Among the most damaging allegations against Westpac, the regulator accused bank executives of "indifference" to clear evidence that some worldwide transfers were used to fund child exploitation.
In theory, Westpac could face a fine up to 483 trillion Australian dollars (US $330 trillion).
The agency alleges that Westpac broke the law more than 23 million times, each time in theory "attracting a civil penalty" of between 17 million and 21 million Australian dollars.
The CEO of Westpac has fallen on his sword over the latest scandal rocking the bank.
"The alleged breaches which had been leveled at Westpac are very severe, each and every in phrases of the numbers of these alleged breaches, but also the persona of them", he educated reporters on Tuesday.
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Villanueva also said that another arrest of a minor had taken place in a separate case in Palmdale, north of Los Angeles . Officers said they found an AR-15 "ghost gun", along with plans and gear to carry out the alleged threat.
"I think it's welcome, I think it's appropriate", cabinet minister Greg Hunt told Sky News on Tuesday.
"The behaviour at Westpac under Brian Hartzer's leadership was nothing short of disgraceful", shadow treasurer Jim Chalmers told reporters in Canberra.
"I think it's necessary and it follows the strongest, clearest comments from the Prime Minister and the Treasurer about community expectations, government expectations in the face of what is a serious and profound breach".
In response to the accusations, Australian Attorney-General Christian Porter said failing to abide by money-laundering laws has the potential to facilitate "the most horrendous crimes". That case was eventually settled with the bank paying a record A$700 million fine.
Westpac's shares edged up 1.2% in early trade on Tuesday, having slumped 8% over the previous four trading days since the regulator announced its lawsuit, wiping A$7.5 billion off the bank's market capitalisation.
The scandal is likely to be front and center at Westpac's annual general meeting, scheduled for December 12., although Hartzer's exit might dampen some of the fireworks.
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Instead, they intend to press ahead with another more advanced prototype created to reach the solar system's orbit. The retro-futuristic stainless steel Mk1 prototype will now be retired, according to an Elon Musk tweet .