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

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news