Ralph Norris steps down from Commonwealth Bank

Ralph Norris steps down from Commonwealth Bank after six years as CEO

By Jason Krupp

July 22 (BusinessDesk) – Ralph Norris, the New Zealander who has run Commonwealth Bank of Australia for the past six years is stepping down as chief executive of that nation’s biggest lender by market value and will be replaced by Ian Narev, head of its business and private banking business.

Norris, 62, will retire in November, the bank said in a statement to the ASX. His corporate career has included leading CBA’s New Zealand unit, ASB, and the role of CEO at Air New Zealand Ltd.

"Ralph has put the group in a strong financial and market position that has delivered the best returns to shareholders of all the major banks in the last five years," said CBA chairman David Turner.

Narev, who will replace Norris as Dec. 1, joined the bank in 2007 from McKinsey & Co. where he was a global partner in charge of New Zealand operations, and co-led the Asia strategy practice. He is 44.

His new role will see him take home an annual salary of A$2.5 million per annum, with a total A$5 million in short and long-term incentives. That's shy of Norris's annual package, with the kiwi corporate veteran taking home A$16 million last year.

CBA shares were last at A$49.74 on the ASX, and have declined 2.4% so far this year.

(BusinessDesk)

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