Investing.com - Westpac Banking Corp (ASX:WBC) is set for a major shift in its economic advisory team as Bill Evans steps down as the Chief Economist, making way for Luci Ellis, the current Assistant Governor at the Reserve Bank of Australia. After serving more than three decades in this pivotal role, Evans will be replaced by Ellis starting October 9.
The RBA has verified Ellis's exit while Westpac confirmed her appointment. With an impressive track record of managing economic forecasting at RBA and acting as Chief Economic Advisor to Governor Philip Lowe, she brings significant expertise to her new role.
In a conversation with Bloomberg on Monday, Ellis expressed her enthusiasm about stepping into Evan’s shoes after spending 32 years at the RBA. She described it as “an opportunity I simply couldn’t pass up.”
Meanwhile, Marion Kohler is slated to temporarily assume responsibilities of Ellis’s former position - Assistant Governor handling economics. The bank plans to advertise this vacancy both internally and externally.
Bill Evans began his journey with Westpac during the peak of the recession in 1991 and emerged as one of Australia's most distinguished economists. Known for accurately predicting turning points in RBA policy cycles, he has made significant contributions throughout his tenure.
Peter King, Westpac CEO lauded Evans' influential role stating that he had essentially shaped what it means to be a primary bank chief economist within Australia's financial landscape. While departing his present post next year, Evans won't sever ties completely with Westpac; instead staying on board as Senior Economic Adviser starting January 2024.
This leadership reshuffle comes amid speculation around Treasurer Jim Chalmers’ impending decision regarding who will succeed Philip Lowe when his term concludes mid-September.