St George Chief Plans To Stay In Australia

The Age

Tuesday November 18, 2008

Danny John

OUTGOING St George chief executive Paul Fegan is resisting approaches from overseas financial groups and plans to continue his 30-year career in Australia after quitting as head of the country's fifth-largest bank.

Mr Fegan, having steered the bank through a tumultuous year that culminated in last week's overwhelming shareholder vote in favour of its $16 billion merger with Westpac, will officially leave St George on December 8.

Mr Fegan's departure has looked increasingly likely in recent weeks after it became clear his role would be downgraded within the combined group's new management structure - to be announced on Thursday.

Gail Kelly ended her five-year tenure as St George CEO to join Westpac 15 months ago. Mr Fegan was promoted to the top job last November.

He is keen to stay in the Australian financial services industry despite recent attempts to woo him abroad.

Mr Fegan will receive a $2million payout. -- DANNY JOHN

© 2008 The Age

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