Bank chief’s $127k a week
Top pay for NAB top brass as 6000 jobs slashed
NATIONAL Australia Bank chief Andrew Thorburn collected almost $130,000 worth of pay and perks every week on average over the past financial year – even after receiving a pay cut.
The bank’s annual report, released yesterday, reveals Mr Thorburn received a $6.63 million pay and perks package for the year to September. That is the equivalent of $127,500 for each week.
But Mr Thorburn’s pay was trimmed slightly, from $6.7 million the previous year, after he missed a key target for customer satisfaction.
It means that on a statutory basis, Mr Thorburn was only just behind Westpac head Brian Hartzer as the best paid chief executive at the major banks in the past financial year after the Commonwealth Bank’s Ian Narev took a deep cut amid the scandals engulfing that lender.
Mr Hartzer received a $6.68 million package, which was also cut, from $6.75 million.
The details of Mr Thorburn’s pay come after he an- nounced earlier this month that the bank would cut 6000 jobs over three years in a sweeping restructure. It plans to hire 2000 people for new roles as technology increasingly changes the complexion of the banking industry.
The NAB annual report also reveals that a return to banking proved enormously lucrative for former NSW Wales premier Mike Baird.
Mr Baird, who took charge of NAB’s corporate and institutional unit on April 21, was awarded total remuneration of $886,845 between that date and the end of the bank’s financial year in September – little more than five months. He received $763,520 in pay and short-term incentives. That was more than twice the $377,780 salary he was earning before he quit politics in January. His remuneration is the equivalent of $2 million a year.
When he resigned from public office, Mr Baird said he wanted to spend more time with his family. Six weeks later, he accepted an offer from Mr Thorburn to return to NAB.
NAB shares closed down 1.4 per cent, or 44¢, at $30.13.