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Westpac has a new chief executive following George Frazis' tap on the shoulder to head up the bank’s Australian subsidiary.
Mr Frazis – this country’s highest paid chief executive - has been appointed to the bank’s St George Banking Group in Australia.
He will be replaced by Peter Clare, chief operating officer for the bank’s Australian financial services business, on April 2.
Mr Frazis took the help at Westpac New Zealand three years ago, in March 2009, from the bank’s parent across the Tasman.
He topped pay-packet charts in 2010, earning $5.59 million from the Australian-owned bank. When the amount was revealed, he said the salary was very much performance-driven.
Westpac group chief executive Gail Kelly paid tribute to the bank’s peformance during Mr Frazis’s tenure.
Last year the bank revealed net profit for the year to September took a 41% leap to $454 million (up $132 million on the year earlier).
“George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business,” Ms Kelly said in a statement.
Mr Clare’s appointment is subject to New Zealand regulatory approval.