St George Bank managing director and chief executive officer Paul Fegan has resigned five days after shareholders approved the bank's merger with Westpac.
Mr Fegan, who was appointed as the bank's chief executive officer in November, 2007 and managing director in February, 2008 will receive a termination payment of approximately $2 million.
He joined the bank in 2002.
He will also receive accrued salary, leave and other entitlements.
"Given that the St George shareholders have overwhelmingly endorsed the merger, it's now appropriate to make my decision about the future,'' he said.
Mr Fegan's contract will terminate on December 8 but he will be on annual leave from November 28.
Westpac CEO and managing director Gail Kelly thanked Mr Fegan for his assistance in ensuring the merger gets off to a good start.
What do you think of the resignation and the merger?
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