In a statement, BT said Gai McGrath would assume the role of chair of the boards following the retirement of David Plumb after 10 years with the institution.
“Gai is a respected Director and Executive and will bring to our Trustee Board more than 34 years’ experience across retail banking, superannuation, wealth management and insurance sectors,” Westpac chief executive specialist businesses and group strategy Jason Yetton said.
“Superannuation is critically important, both for individuals and for the economic prosperity of our nation. With the superannuation industry continuing to experience significant regulatory uncertainty, Gai’s experience, coupled with her strong customer and member focus, will be invaluable for the Australians who rely on us for their best financial futures.”
Ms McGrath is a current director of HBF Health, as well as insurance broking group Steadfast and mortgage insurance firm Genworth.
She had previously headed Westpac’s retail banking business and had had a number of other senior roles with the big four bank, including head of retail for Westpac New Zealand and of legal and compliance for BT. Ms McGrath commences in the role on 1 July.
Mr Yetton also thanked Mr Plumb for his leadership of the BT super business, particularly through the COVID pandemic.
“Under David’s stewardship BT members were supported with more than 230,000 applications for early release super payments through COVID-19 totalling around $1.9 billion,” he said.
“Members have also been migrated from legacy super products into one contemporary offering while fees were maintained or lowered for most, and our leadership in ESG and sustainable investing has continued with BT achieving an A+ rating for its sustainable investment strategy and governance – the highest possible rating for the fourth year in a row.”
