Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


BNZ boss Thorburn bumped upstairs to lead Australia’s NAB

BNZ boss Thorburn bumped upstairs to lead Australia’s NAB

April 3 (BusinessDesk) - Bank of New Zealand boss Andrew Thorburn will take over as chief executive of the local lender’s Australian parent, National Australia Bank, following the trajectory of his predecessor Cameron Clyne who retires from Australia’s third-biggest mortgage lender in August.

Clyne, who headed up BNZ before taking the top NAB job in 2008, will be invited to join the board, Melbourne-based NAB said in a statement. The Australian bank has appointed Thorburn as the incoming chief executive, and will announce a replacement at the New Zealand bank in due course.

“Andrew Thorburn has done a superb job leading Bank of New Zealand since 2008 where he continued to build the bank’s performance,” NAB chairman Michael Chaney said. “As CEO of BNZ, Andrew has gained extensive experience in all of the component parts of running a full service commercial bank.”

Thorburn is following in the footsteps of Clyne, who headed up BNZ for about two years, and Chaney said the bank’s succession plan processes allowed the board to pick someone from within the organisation.

He will take up the new role on Aug. 1, with a base salary of A$2.2 million, with the potential to earn 175 percent of his base salary in the short term if certain targets are met. Over the longer term he has the potential to earn 130 percent of the base salary if his performance beats certain total shareholder return hurdles over a four-year period.

The ASX-listed shares increased 0.4 percent to A$35.56 yesterday, and have increased 2.1 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news