BrissySparkyCoit
22nd Jul 2011, 04:14
So long, Sir Ralph Norris: Australia's highest-paid banker quits | News.com.au (http://www.news.com.au/business/entrepreneur/commonwealth-bank-gets-new-ceo-to-replace-ralph-norris-in-november/story-e6frfm5i-1226099588887)
So long, Sir Ralph Norris: Australia's highest-paid banker quits
From: news.com.au (http://www.news.com.au/)
July 22, 2011 9:47AM
Comm Bank boss to retire in November
Replacement is CBA exec Ian Narev
New pay rate not immediately available
Analysis: Textbook CEO change (http://www.theaustralian.com.au/business/opinion/textbook-ceo-change-at-commonwealth-bank/story-e6frg9io-1226099706856)
The Punch: Chuck vs Ralph Norris (http://www.thepunch.com.au/articles/norris-retirement-a-roundhouse-kick-in-the-guts/)
THE $16.2 million-a-year banker who outraged Australia by raising interest rates on Melbourne Cup day has called it day.
Commonwealth Bank CEO Sir Ralph Norris announced today he is retiring in November. His replacement will be the Commonwealth's head of business banking, Ian Narev, (http://www.theaustralian.com.au/business/financial-services/commonwealth-bank-of-australia-appoints-ian-narev-as-next-ceo/story-fn91wd6x-1226099542948) although it's not known if the bank will be paying the new chief Sir Ralph's rate.
Sir Ralph memorably said it wasn't his job to be popular (http://www.news.com.au/money/interest-rates/not-here-to-be-popular-says-commonwealth-bank-ceo-ralph-norris/story-e6frfmn0-1225948456401) and his years at the bank certainly reflect that.
He won few friends when it was revealed last year that he had been given a startling 75 per cent pay rise (http://www.theaustralian.com.au/business-old/city-beat/cba-chief-executive-ralph-norris-sees-pay-packet-soar-to-162m/story-fn4xq4zx-1225925367015), making him the highest paid CEO in Australia.
It put him in an impossible position when he was called on to defend over-the-odds mortgage rate increases, massive credit card charges and fees for lending our money to his bank.
While it is yet to be revealed how much his pension will be, Mr Norris will walk away from his role on a multi-million dollar handshake.
His payout will come less than two years after the bank offered its staff a wage freeze and the rest a real wage cut.
Fearless chief
Commonwealth Bank chairman David Turner today described Mr Norris as an "outstanding and fearless chief executive".
Mr Norris has delivered the best returns to shareholders of all of the major banks for the past five years, Mr Turner said.
"Both Ralph and the board felt this was the right time to appoint the next CEO,'' he said.
Mr Norris said his six years in the top job had resulted in the bank's 800,000 shareholders and superannuation funds receiving above average returns.
"The ongoing success of our business is a tribute to the disciplined approach we have taken to the execution of our five strategic priorities,'' he said.
Replacement CEO
Mr Norris's replacement is Group Executive, Business and Private Banking. Mr Narev has been with CBA since 2007.
"He is a proven and inclusive leader,'' Mr Turner said.
Prior to his role with CBA, he led the bank's strategy group and led its acquisition of BankWest and the investment in Aussie Home Loans.
Mr Narev said: "I am really looking forward to taking over Australia's leading bank at a time of rapid change in the local and global economies, continuing the focus on transforming the Group to become Australias finest financial services organisation and continuing to move that aspiration selectively into Asia.''
Preparing for his move back to running an airline......a major airline pehaps?
So long, Sir Ralph Norris: Australia's highest-paid banker quits
From: news.com.au (http://www.news.com.au/)
July 22, 2011 9:47AM
Comm Bank boss to retire in November
Replacement is CBA exec Ian Narev
New pay rate not immediately available
Analysis: Textbook CEO change (http://www.theaustralian.com.au/business/opinion/textbook-ceo-change-at-commonwealth-bank/story-e6frg9io-1226099706856)
The Punch: Chuck vs Ralph Norris (http://www.thepunch.com.au/articles/norris-retirement-a-roundhouse-kick-in-the-guts/)
THE $16.2 million-a-year banker who outraged Australia by raising interest rates on Melbourne Cup day has called it day.
Commonwealth Bank CEO Sir Ralph Norris announced today he is retiring in November. His replacement will be the Commonwealth's head of business banking, Ian Narev, (http://www.theaustralian.com.au/business/financial-services/commonwealth-bank-of-australia-appoints-ian-narev-as-next-ceo/story-fn91wd6x-1226099542948) although it's not known if the bank will be paying the new chief Sir Ralph's rate.
Sir Ralph memorably said it wasn't his job to be popular (http://www.news.com.au/money/interest-rates/not-here-to-be-popular-says-commonwealth-bank-ceo-ralph-norris/story-e6frfmn0-1225948456401) and his years at the bank certainly reflect that.
He won few friends when it was revealed last year that he had been given a startling 75 per cent pay rise (http://www.theaustralian.com.au/business-old/city-beat/cba-chief-executive-ralph-norris-sees-pay-packet-soar-to-162m/story-fn4xq4zx-1225925367015), making him the highest paid CEO in Australia.
It put him in an impossible position when he was called on to defend over-the-odds mortgage rate increases, massive credit card charges and fees for lending our money to his bank.
While it is yet to be revealed how much his pension will be, Mr Norris will walk away from his role on a multi-million dollar handshake.
His payout will come less than two years after the bank offered its staff a wage freeze and the rest a real wage cut.
Fearless chief
Commonwealth Bank chairman David Turner today described Mr Norris as an "outstanding and fearless chief executive".
Mr Norris has delivered the best returns to shareholders of all of the major banks for the past five years, Mr Turner said.
"Both Ralph and the board felt this was the right time to appoint the next CEO,'' he said.
Mr Norris said his six years in the top job had resulted in the bank's 800,000 shareholders and superannuation funds receiving above average returns.
"The ongoing success of our business is a tribute to the disciplined approach we have taken to the execution of our five strategic priorities,'' he said.
Replacement CEO
Mr Norris's replacement is Group Executive, Business and Private Banking. Mr Narev has been with CBA since 2007.
"He is a proven and inclusive leader,'' Mr Turner said.
Prior to his role with CBA, he led the bank's strategy group and led its acquisition of BankWest and the investment in Aussie Home Loans.
Mr Narev said: "I am really looking forward to taking over Australia's leading bank at a time of rapid change in the local and global economies, continuing the focus on transforming the Group to become Australias finest financial services organisation and continuing to move that aspiration selectively into Asia.''
Preparing for his move back to running an airline......a major airline pehaps?