Kelly on the final lap

It is tempting to interpret the launch and associated marketing last week of the Westpac Foundation as symbolic of something significant at the bank, not just its bicentennial which is still three years away.

Perhaps the change it marks is the predicted replacement of the bank's chief executive of six years, Gail Kelly  - something which is fuelling animated industry talk.

The talk suggests the Westpac board may already be a fair way down the track in the search for a chief executive to replace Kelly, who is likely to leave the bank by September.

The board has never really shared the received wisdom that Kelly's term at the helm has been an unparalleled success despite being punctuated by the financial crisis.

The corresponding speculation on her demise two years ago was linked to discontent over the handling of the St George integration.

Another factor driving board willingness to look around are the grumblings from her executive group about excessive meetings and dogged meddling.

Some on the Westpac board believe that Kelly, the bank's first female CEO, should be replaced with another woman -  and industry talk suggests the board has already interviewed a US-based candidate.

At least one credible domestic female candidate may also now be in the running, with the settling last week of National Australia Bank's CEO selection.

All the internal runners up in that contest may now be candidates for the Westpac role.

Other local candidates not already employed by Westpac that may be of interest to the board include Rob Coombes, who worked most recently at Sony Bank and Mike Pratt, who worked most recently at Standard Chartered in China. Both are former Westpac retail leads.

Internal candidates would presumably include CEO of the bank's Australian financial services division, Brian Hartzer, and the chief executive of Westpac Institutional Bank, Rob Whitfield.

With so many choices and so many reasons to change, it's hard to believe the board will miss its chance.