What you need to know:

• CMO Annabel Fribence has left Westpac. Fribence joined from KFC in late 2021 and was soon followed by Ogilvy veteran and KFC agency lead, Leigh Bignell.
• Former Westpac marketing and brand chief Elaine Herlihy in interim charge after leaving OFX in March.
• Westpac lagging big four rivals on key brand metrics.
• Suggestions of internal politics intensifying amid reporting changes precipitated by new CEO selection process.
• Knock-on effects of increased stakeholders vying to own creative and brand direction have also impacted pitch for new creative agency – leading to re-scoped brief, now said to run beyond 50-pages.
• Incumbent DDB, told it had lost the account last October, may now agree further 12-month holding pattern.
• Brand – and procurement – now understood to report to customer and corporate affairs chief, Carolyn McCann.

Westpac’s chief marketer Annabel Fribence has departed the bank. Former Westpac marketing and brand chief Elaine Herlihy is in interim charge of marketing as the company revisits a protracted and politicised creative and brand review that could yet see DDB, in October told its 13-year relationship with the bank was over, re-instated for another year.

The move comes as Westpac seeks to close the gap on big four rivals under new CEO Anthony Miller. New reporting lines and internal machinations have led to a number of management execs positioning to influence the bank’s strategic direction.

The company is now considering options for a permanent CMO with Herlihy, who spent eight years at Westpac until late 2015 – subsequently heading marketing at Paypal and until March this year at currency exchange platform OFX – currently in the hot seat.

Following reporting line changes, it is understood that responsibility for brand now sits with customer and corporate affairs chief, Carolyn McCann.

Procurement is also understood to report to McCann.

Under that dynamic, agencies are grappling with the new brief – which runs to circa 50 pages. Upwards of a dozen Westpac execs were said to be directly involved in the earlier contract review process which meant alignment inside the business was near impossible, according to those with knowledge of the process

Some agencies have concerns that the number of involved parties – and significant internal politics – may cloud decision-making against the backdrop of a far more complex brief than the original, launched 12 months ago.

It is thought that Accenture Song-owned Droga5, Publicis-owned Saatchi & Saatchi (Publicis has held Westpac’s media account since 2020) and a WPP-owned agency are among those vying for the account. DDB is understood to have been asked to continue for another year, though it may be that the firm has made personnel changes after being told it had lost the account.

DDB was originally expected to hand over the account in February this year, and a year-long extension signals the pitch process has some way to run for those now committing resources to it.

Strategic rethink

Lagging big four rivals on key brand metrics – and losing brand value while Commbank, NAB and ANZ’s values all increased, per latest Brand Finance rankings – Westpac is attempting to strategically reposition away from a perception of “the sad bank”, due to comms largely focussing on helping people when bad news strikes, according to some market observers.

The bank has grappled with underlying challenges in recent years, embarking on a multibillion dollar tech stack overhaul, writing off an attempt to build its own real-time decisioning engine and making significant cuts to its marketing department within three months of appointing Fribence as chief brand and marketing officer.

Hired from KFC, Fribence had overseen strong growth across the Yum Brands’ Asia marketing operation. Westpac’s move to recruit out of category – with Ogilvy managing partner and KFC lead Leigh Bignall following Fribence to the bank as head of marketing and media – was seen as a statement of strategic intent. The new CMO, or whether Westpac sticks with Herlihy longer-term, will likely indicate whether that thinking has shifted.

Confirmation statement

A Westpac spokesperson confirmed Fribence’s departure and that the pitch has moved into a “new phase”.

“We want to recognise the enormous contribution Annabel has made in her three years at Westpac,” per the spokesperson. 

“Westpac is one of Australia’s most recognisable brands, and Annabel has made the big red W unmissable during her time with us. 

“This includes forming our new partnerships with the NRL and NRLW, providing opportunities for us to connect with Australians in new, exciting ways.  

“Annabel has driven momentum, added focus on data and analytics, and developed a strong team culture which will set us up for success into the future.   

“We’re undertaking a thorough pitch process for a new creative agency to take the Westpac brand forward. 

“As Australia’s oldest company and one of its most prominent brands, we recognise this is a highly competitive and robust tender process. 

“As we move into a new phase of the pitch, we thank those agencies which have been unsuccessful. 

“We will have more to say about the future of the Westpac creative account once a final decision has been made.”