Westpac's Frazis - NZ's highest paid exec - heads back to Australia

George Frazis

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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.

2 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

Won't all the Aussie Boys be happy

  • 0
  • 0

Excessive pay for any chief executive. Shows that the board has been successfully hoodwinked.

  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7294 -0.0059 -0.80%
AUD 0.9338 0.0033 0.35%
EUR 0.6616 -0.0004 -0.06%
GBP 0.4711 0.0017 0.36%
HKD 5.6661 -0.0355 -0.62%
JPY 88.6900 -0.3160 -0.36%


Commodity Price Change Time
Gold Index 1204.0 -2.050 2015-05-22T00:
Oil Brent 65.9 -1.130 2015-05-22T00:
Oil Nymex 59.7 -1.040 2015-05-22T00:
Silver Index 17.0 -0.080 2015-05-22T00:


Symbol Open High Last %
NZX 50 5769.3 5785.2 5769.3 0.12%
NASDAQ 5085.4 5103.8 5090.8 -0.03%
DAX 11881.5 11881.8 11864.6 -0.42%
DJI 18286.9 18286.9 18285.7 -0.29%
FTSE 7013.5 7061.7 7013.5 0.26%
HKSE 27723.7 28041.3 27523.7 1.70%
NI225 20208.8 20278.3 20202.9 0.30%