Air NZ boss appointed CBA head
The Commonwealth Bank has appointed Air New Zealand boss Ralph Norris as its new chief executive, after David Murray confirmed his retirement today.
Ending months of speculation this morning, Murray announced he would be leaving the Commonwealth by the end of the year, bringing to an end 13 years with the bank.
Norris was the chief executive of ASB Bank - the Commonwealth’s New Zealand banking operation - prior to his role heading up Air New Zealand.
His appointment brings to an end months of conjecture about Murray’s successor, with many having tipped St George Bank chief executive Gail Kelly as the most likely heir.
Norris will be paid a base salary of $1.9 million a year, a short-term incentive of another $1.9 million and an initial long term incentive allocation of bank shares worth $3.8 million.
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