Bank of New Zealand boss Andrew Thorburn will take over as chief executive of the local lender's Australian parent, National Australia Bank, following the trajectory of his predecessor Cameron Clyne who retires from Australia's third-biggest mortgage lender in August.
Clyne, who headed up BNZ before taking the top NAB job in 2008, will be invited to join the board, Melbourne-based NAB said in a statement. The Australian bank has appointed Thorburn as the incoming chief executive, and will announce a replacement at the New Zealand bank in due course.
"Andrew Thorburn has done a superb job leading Bank of New Zealand since 2008 where he continued to build the bank's performance," NAB chairman Michael Chaney said. "As CEO of BNZ, Andrew has gained extensive experience in all of the component parts of running a full service commercial bank."
Thorburn is following in the footsteps of Clyne, who headed up BNZ for about two years, and Chaney said the bank's succession plan processes allowed the board to pick someone from within the organisation.
He will take up the new role on Aug. 1, with a base salary of A$2.2 million, with the potential to earn 175 percent of his base salary in the short term if certain targets are met. Over the longer term he has the potential to earn 130 percent of the base salary if his performance beats certain total shareholder return hurdles over a four-year period.
The ASX-listed shares increased 0.4 percent to A$35.56 yesterday, and have increased 2.1 percent this year.