Commbank's Norris gets $9.6m in five months
Mon August 20, 2012 1:50pm
FORMER Commonwealth Bank (CBA) chief executive Ralph Norris stands to earn $9.6 million from his last five months at the bank.
Mr Norris was paid $4.2 million between July 1, 2011, and his retirement on November 30 that year, according to the bank's annual report released today.
He will receive another $5.4 million in share-based incentives in the next two years if CBA meets required customer satisfaction and performance targets.In the 2011/12 financial year, Mr Norris' pay package totalled $8.6 million.
New CBA boss Ian Narev was paid $5.7 million in the 2011/12 financial year, well above the $2.7 million he was paid in the previous year before being promoted to replace Mr Norris.
Just over $4.1 million of Mr Narev's latest pay package was in cash.
CBA's executives were paid a total of $51.7 million in the 2011/12 financial year, $22 million of which was in cash. The bank posted a record net profit of $7.1 billion in the same period.
"The delivery of this good performance has been the result of the hard work and dedication of our people,'' the bank said in its report.
"Our remuneration frameworks are designed to attract and retain key executive talent, recognise the individual contributions of our people, and motivate them to achieve strong performance aligned to our business strategy.''