Westpac Stock to Stutter After CEO Change - Macquarie

        0031 GMT [Dow Jones] According to Macquarie, Australian bank stocks typically underperform the broader banking sector in the months after they change a chief executive. That's not good news for investors in Westpac (WBC.AU), which unveiled plans for Brian Hartzer to replace Gail Kelly as chief executive in February. "Our analysis shows that banks typically underperform the market by around 10% around 6-8 months after a CEO change announcement, which doesn't bode well for Westpac," Macquarie says. It notes that rival National Australia Bank's (NAB.AU) recent CEO transition this year has been followed by 8% underperformance versus its peers. Macquarie has an underperform call on Westpac and a A$31.51/share price target. WBC and NAB last traded at A$32.96 and A$32.56, respectively. (david.winning@wsj.com; @dwinningWSJ)
        (END) Dow Jones Newswires
        November 13, 2014 19:31 ET (00:31 GMT)