Ralph Norris Quits as CBA CEO.
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Ralph Norris Quits as CBA CEO.
So long, Sir Ralph Norris: Australia's highest-paid banker quits | News.com.au
Preparing for his move back to running an airline......a major airline pehaps?
So long, Sir Ralph Norris: Australia's highest-paid banker quits
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, 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 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, 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.''
- From: 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
- The Punch: Chuck vs Ralph Norris
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, 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 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, 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.''
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And a track record with airlines.
That will definitely rule him out if he knows anything about the industry.
Lets hope this rumour gains momentum because if nothing else it matches the kite flyer that the Rat does and might make a few of them a tad nervous in the same way they are scare mongering with other peoples lives.
Forget the AIPA billboards, time to launch another one WE WANT RALPH
Now whoever is running Rat spin these days over to you.....
That will definitely rule him out if he knows anything about the industry.
Lets hope this rumour gains momentum because if nothing else it matches the kite flyer that the Rat does and might make a few of them a tad nervous in the same way they are scare mongering with other peoples lives.
Forget the AIPA billboards, time to launch another one WE WANT RALPH
Now whoever is running Rat spin these days over to you.....
From what I have heard about the culture at CBA, I don't think Ralph Norris is the person for QF. QF needs someone to marshall the troops behind them; Norris is more from the divide and conquer school.
He'd be OK :-)
I worked at the CBA while Ralph was in charge.
You could do a lot worse. He seemed to have this radical habit of asking the staff for their ideas... Then implementing them!
He put a lot of the organisation's energy into getting its long-term strategy right. He was the guy that decided to re-in-source its major IT operations after he discovered that all the people who knew how to do mega-scale IT had left when the bank out-sourced everything, and the organisation had thus lost the critical skills and experience needed. The way he described it, the bank had "lost control of its IT strategy and agenda." He fixed that...
Cheers
You could do a lot worse. He seemed to have this radical habit of asking the staff for their ideas... Then implementing them!
He put a lot of the organisation's energy into getting its long-term strategy right. He was the guy that decided to re-in-source its major IT operations after he discovered that all the people who knew how to do mega-scale IT had left when the bank out-sourced everything, and the organisation had thus lost the critical skills and experience needed. The way he described it, the bank had "lost control of its IT strategy and agenda." He fixed that...
Cheers
