Westpac post adds to retirement load

The retirement across the ditch of Fletcher Building's Australian former chief executive Ralph Waters is looking less and less restful, with a seat on Westpac's New Zealand board being added to his local directorships.

Westpac is expected to become locally incorporated, as ordered by the Reserve Bank, in early November after legislation was passed in Parliament yesterday. One condition was that the bank have its own board.

The initial members announced yesterday include Waters and three Westpac Australia directors. Chief executive David Morgan will be chairman. Other members are Westpac New Zealand chief executive Ann Sherry, Ted Evans, Harry Price and Peter Wilson.

Waters, who said he would return to Australia and spend more time with his family after retiring as Fletcher Building chief executive, remains on its board and is also a director of Fonterra and of Fisher & Paykel Appliances.