Westpac boss Gail Kelly sold nearly $7 million worth of Westpac stock on Friday, unloading them for $34.48 a share before the market closed at $34.28.
While Kelly still owns about $53 million worth of stock, analysts believe the sale could be a sign she is preparing to resign.
Analysts and fund managers widely believe Brian Hartzer, Westpac’s Chief Executive of Australian Financial Services, will to take charge from Kelly.
One senior banking analyst told The Sydney Morning Herald: “It’s a matter of when, not if. They are the lowest-growing bank in Australia on most measures. Hartzer was the guy that was looked at ANZ as doing a great job. He is the obvious one to take over.”
Kelly last sold shares in the market in November 2013 when she sold nearly $12 million worth of Westpac stock at $34.16 a share.
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