Banking chiefs come and go, some under a cloud
company revealed huge losses.
Ian Narev felled by scandals Kiwi banker Ian Narev was educated at Cathedral Grammar and Auckland University before soaring to a high-flying job as chief executive of Commonwealth Bank of Australia in 2011.
Since 2007, he had a series of senior executive roles at CBA.
But it all came to an end in early 2018 following revelations of a money-laundering scandal that rocked the bank.
His remuneration was slashed from $12 million to $5.5m and he took early ‘‘retirement’’, and was recently reported to have taken a job as chief operating officer at job hunting firm Seek.
Andrew Thorburn leaves NAB after five years at the top
The Australian banking royal commission report resulted in Andrew Thorburn losing his job as chief executive at National Australia Bank (NAB), owner of Bank of New Zealand.
But Thorburn received an exit payment of more than A$1m (NZ$1.04m) plus leave entitlements.
The royal commission singled out Thorburn and NAB chairman Ken Henry over their leadership and said they had failed to appreciate the seriousness of shortcomings at the bank.
Thorburn, appointed in 2014, had been forced to apologise because the bank had charged millions of dollars in fees for services that were not provided.
Ross McEwan moves in at NAB
Ross McEwan has taken the chief executive job at NAB after Thorburn left. McEwan has formerly worked for Commonwealth Bank but for the past six years has been chief executive at Royal Bank of Scotland (RBS). McEwan resigned from RBS in April and then offered his experience in finance, insurance and investment to NAB.
His job at NAB will involve turning around the company culture and rebuilding confidence.
He has been credited with doing a good job at RBS. Singapore Airlines has added an extra weekly flight to its WellingtonSingapore service, the airline has announced.
The additional mid-week flight means the service, which travels via Melbourne, will operate five times a week instead of four.
The change comes into effect from January 1, subject to regulatory approval.
Singapore Airlines New Zealand general manager Kenny Teo said the extra flight was in response to increasing demand. ‘‘Since we launched the flight nearly three years ago as the Capital Express, we’ve seen the Wellington community embrace the opportunity to fly long-haul directly from Wellington.
‘‘Not only have Wellingtonians embraced travelling from their home airport to our global network of over 130 destinations, but travellers from around the world have continued to travel directly to Wellington.’’
The increasing demand was helped by support from Wellington Airport, Wellington Tourism, the local travel industry, and airline partner Air New Zealand, Teo said.
The Wellington-Singapore route is a joint venture between the two airlines.