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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news