Shares of Australia’s second-largest bank, Westpac Bank (ASX:WBC) decreased 1.1% to A$21.2, showing their worst intraday loss since October 4.

The bank announced Steven Gregg as the new chairman.

Gregg currently serves as the chairman of local fuel retailer Ampol.

Gregg is poised to take the reins from veteran banker John McFarlane.

Westpac’s stock has seen a decrease of 8% this year, as of its last closing.

Westpac Bank is Australia’s second-largest bank with a diverse array of financial services.