David Morgan (businessman)

David Morgan
Born	Template:Birth year and age Australia
Occupation(s)	Corporate executive, economist
Years active	1970–present
Known for	CEO of Westpac Banking Corporation; managing director at J.C. Flowers & Co.
Notable work	Over Taxation by Inflation (1977)

David Raymond Morgan (born March 1947) is a prominent Australian corporate executive. Between 2009 and 2016, he held the positions of managing director, executive chairman, and chairman at J.C. Flowers & Co., where he supervised operations across Europe and the Asia Pacific region while also participating in its Management Committee. Additionally, Morgan led J.C. Flowers (Australia) Pty Limited as chairman and acted as a global operating partner for JC Flowers & Co. LLC.

His governance experience extends to roles such as chairman of Chi-X (Australia), deputy chairman at NIBC Bank in the Netherlands, and membership on the supervisory board of Germany’s HSH Nordbank. Morgan has also been a senior advisor to Japan’s Shinsei Bank and served as a non-executive director for both One Savings Bank and Castle Trust in the United Kingdom.

At present, Morgan chairs UDC, a leading finance company based in New Zealand, and holds a board position with the Chicago Board of Exchange (Australia). His previous executive tenure includes serving as CEO of Westpac Banking Corporation—one of Australia’s largest banks—and acting as chairman of the Australian Bankers Association.

Early life and education

Morgan initially pursued a career in entertainment as a child actor before shifting focus to sports, where he played professional Australian Rules Football and had a brief stint with Richmond Football Club prior to moving to London.

His education began at Malvern Grammar School and Melbourne High School. He graduated with first-class honours in economics from La Trobe University, then completed a Master of Science with Distinction and earned a PhD in economics from the London School of Economics. Further advancing his expertise, he attended Harvard Business School’s Advanced Management Program. At La Trobe University, he demonstrated leadership by captaining sports teams and setting a record for goal-kicking.

Morgan authored Over Taxation by Inflation (1977), which was published by the Institute of Economic Affairs.

His philanthropic efforts include supporting education and child welfare initiatives through scholarship endowments at LSE and backing the Joan Sutherland Scholarship program.

In 2019, Oliver Brown published his biography titled David Morgan: An Extraordinary Life.

Early career (1970-1990)

Morgan’s initial professional journey encompassed roles within government and financial institutions, including work at the International Monetary Fund in Washington D.C. during the 1970s and later at the Australian Federal Treasury throughout the 1980s. As Senior Deputy Secretary of Treasury under the Hawke-Keating administration, he played an influential role in significant economic reforms such as advocating for the Australian dollar’s floatation and promoting comprehensive financial deregulation.

Westpac (1990-2008)

Morgan commenced his tenure at Westpac in 1990 as deputy managing director of Westpac Financial Services Group. He rapidly progressed to chief general manager of the Asia Pacific Group in 1991, followed by appointment as group executive of Retail Banking in 1992. After two years overseeing Retail Banking, he transitioned to group executive for Institutional and International Banking. In 1997, Morgan joined Westpac’s board as an executive director before ascending to CEO in 1999. During his leadership, Westpac earned recognition as the global leader in banking sustainability on the Dow Jones Sustainability Index from 2004 through 2007. He stepped down as CEO in 2008.

Following this period, Morgan was a board member at BHP Billiton from 2008 until 2009.

J.C. Flowers & Co.

In 2009, Morgan took on the role of managing director at J.C. Flowers & Co., where he was responsible for operations across Europe and the Asia Pacific region. Additionally, he served as chairman of J.C. Flowers (Australia) Pty Limited and acted as a global operating partner for J.C. Flowers & Co. LLC.

Personal life

Morgan is married to Ros Kelly, who previously served as a Minister in the Australian Federal Governments during the administrations of Bob Hawke and Paul Keating.

Awards and honors

In recognition of his leadership in shaping financial sector policies—covering regulation, corporate social responsibility, and economic reform—Morgan was named an Officer of the Order of Australia in 2009.

He also chaired the session titled The Future Direction for the Australian Economy at the Prime Minister's Australia 2020 Summit in 2008.

In 2014, Morgan became a member of an international advisory panel established for the Australian Government Financial System Inquiry.

See also

• List of Caulfield Grammar School people