As a veteran senior manager plans to retire, the Australian lender names a new chief risk officer.

A new chief risk officer is taking the reins at Australia’s Westpac as the current holder of the post, Alexandra Holcomb, retires next year after 21 years at the group.

The new CRO will be David Stephen, who starts in the role during next year. Stephen joins Westpac Group from Royal Bank of Scotland where he has been group chief risk officer since 2013. Prior to RBS, Stephen held senior roles at Deutsche Bank and Credit Suisse First Boston. He also spent five years at ANZ as group CRO, head of risk in the institutional business and general manager, wholesale risk.

Holcomb’s retirement comes after a 35-year financial services career; she has held her current role for the past three years. Holcomb joined Westpac in 1996 and has held a number of senior executive positions within Westpac Institutional Bank, as well as in group strategy and the mergers and acquisitions area.