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

George Frazis

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.

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

2 Comments & Questions

Commenter icon key: Subscriber Verified

Won't all the Aussie Boys be happy


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


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 0.7749 0.0002 0.03%
AUD 0.9522 0.0018 0.19%
EUR 0.6321 -0.0015 -0.24%
GBP 0.4961 0.0004 0.08%
HKD 6.0117 0.0044 0.07%
JPY 92.8990 0.3150 0.34%


Commodity Price Change Time
Gold Index 1195.4 -2.890 2014-12-19T00:
Oil Brent 61.4 1.580 2014-12-19T00:
Oil Nymex 57.1 2.910 2014-12-19T00:
Silver Index 16.0 0.096 2014-12-19T00:


Symbol Open High Last %
NZX 50 5527.8 5553.7 5527.8 0.25%
NASDAQ 4752.6 4782.1 4748.4 0.36%
DAX 9827.3 9924.0 9787.0 1.04%
DJI 17778.0 17874.0 17778.2 0.15%
FTSE 6545.3 6620.9 6545.3 0.84%
HKSE 23264.0 23478.9 23116.6 1.26%
NI225 17685.5 17692.6 17621.4 0.08%