Replacement named.

Westpac chief executive George Frazis has topped executive pay-packet charts, earning $5.59 million from the Australian-owned bank.

The annual salary of Mr Frazis, who has been with the bank since March last year, is revealed in the bank’s annual report for 2010.

Mr Frazis earns fixed remuneration of $A967, 330, topped up by short term benefits of close to $A1.6 million; superannuation benefits of $A14,586; options of $A399,634 and share rights of $A1.4 million.

Converted to New Zealand dollars, the salary is $5,596,639.

It was a year of two halves for Westpac, mirroring the wild ride the rest of the economy has been on.

Westpac New Zealand chief executive George Frazis told NBR one of the major features of the year was the difference in results between the six months to March and the six months to September.

And, this, he said, was tied to the health of the New Zealand economy in general.

“It’s really been a performance of two halves for us,” he said. “In the second half we started to see some growth and momentum.”

Sarah Mehrtens has been appointed as the new chief executive of the New Zealand Bankers’ Association and will start in her new role on Monday.

The announcement was made today by the association’s chair, Westpac New Zealand chief executive George Frazis.

“We are delighted to have a person of her calibre and experience heading the Association at this time, Mr Frazis said. “She brings extensive industry knowledge and considerable experience of wider commercial matters to this important role.”