(Reuters) - Australia's Westpac said on Thursday Peter Herbert will be appointed as acting chief executive for its business and wealth segment, effective Nov. 5.

Westpac, Australia's second-largest mortgage lender, said Herbert will be replacing Anthony Miller, who steps into the role of CEO of the bank from Dec. 16.

Peter Herbert has held a number of executive positions in the past, joining Westpac in 2020 after an extensive career at HSBC ( HSBC ) as chief operating officer for the Asia Pacific division in the retail banking & wealth management segment.

He is currently the chief operating officer of the business and wealth segment at Westpac.

The "change will also allow Anthony to spend time with me in a handover period before he begins as CEO," said current Westpac CEO Peter King, who is set to retire in December.

Westpac added that Peter Herbert will act in the position while a global search is undertaken for a permanent chief executive for its business & wealth segment.