New Zealander Sir Ralph Norris will retire as chief executive of Commonwealth Bank of Australia, parent of ASB, in November.
His replacement comes from inside the bank – group executive, business and private banking Ian Narev.
In a statement to the Australian Stock Exchange, the bank’s chairman David Turner said it was recognised by Mr Norris and the board that it was the right time to appoint the next chief executive.
“On behalf of the board I want to thank Ralph for being an outstanding and fearless chief executive who has made a real contribution not just to banking but to the Australian and New Zealand communities,” said Mr Turner.
The former Air New Zealand boss almost doubled his total pay packet to A$16.2 million last year, making him Australia's highest-paid executive and sparking outcry across the Tasman as the public bank-bashing mood escalated.
During his six years in the role Sir Ralph helped steer Australia's largest bank through the tumultuous global financial crisis and its purchase of BankWest for just over $2 billion.
His replacement Mr Narev, 44, was previously a partner at McKinsey & Co and headed the consulting firm’s New Zealand office before joining the Commonwealth Bank of Australia.
He will be paid a fixed salary of $2.5 million, with potential for that to triple under incentive targets.
One Kiwi leaves, another arrives
Sir Ralph's' departure came as another New Zealand expat, Andy Lark, joined the bank's executive team.
Mr Lark started at CBA on July 1 as chief marketing officer. He arrived from Dell in the US where he was vice president of global sales for the company's enterprise division.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Pumpkin Patch tipped into receivership, appoints adminstrators
- Restaurant Brands agrees to pay $US105m for Hawaiian fast-food chain
- Briefcase: Anderson Lloyd's gold rush, Overcrowded law schools, Leaky home issues grow
- beIN Sports NZ soft launches with a dismal, bare-bones service
- What can we learn from Wynyard’s voluntary administration?
Most listened to
- John Key says further RMA will be needed - but he needs a mandate to do so
- Craigs' Mohandeep Singh on Bapcor's takeover offer for Hellaby
- Abano CEO Richard Keys on the outlook for the business
- ‘Most people over 50 don’t understand New Zealand history’ – Geoff Wane on why the Hobson’s Choice campaign is so wrong-headed
- Wynyard: Shareholders Association John Hawkins - shareholders learning a pretty hard lesson