Commonwealth Bank appoints new CEO
Ian Narev is set to become Commonwealth Bank’s new CEO after outgoing chief Ralf Norris departs the bank after six years in the position, prompting a 71 cent, or 1.4 per cent, jump in share value to $50.45.
Mr Narev beat retail banking boss Ross McEwan to the top job, becoming yet another New Zealander to head up Australia’s largest bank.
Described as an “extraordinary executive”, Mr Narav has a history of driving revenue and profit growth in business and private banking. He led the bank’s $21 billion acquisition of Bankwest in 2008 and was responsible for the bank taking a large stake in Aussie Home Loans.
Mr Narav released a statement saying he intends to “focus on transforming the group to become Australia's finest financial services organization and continuing to move that aspiration selectively into Asia".
He will receive a fixed package of $2.5 million and will be eligible for short-term incentives of a further $2.5 million as well as another $2.5 million in long-term target rewards.
Mr Narav says little will change in the bank’s strategy.