St George Bank Ceo Quits
Illawarra Mercury
18 November 2008
ST George Bank Ltd chief executive Paul Fegan has resigned, after the bank's merger with Westpac Banking Group was approved by shareholders last week.
Mr Fegan, who was expected to resign, will leave with a termination payout of about $2 million.He will also receive payment for any amounts in respect of accrued salary, leave and other entitlements."Given that St George shareholders have overwhelmingly endorsed the merger, it's now appropriate to make my decision about the future," Mr Fegan said yesterday. "I am very proud that I leave the bank in a very good position, particularly given the challenges the sector has faced around the world." St George's merger with Westpac got the green light from the Federal Court yesterday.
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