Ex-CBA chief Norris's pay topped $63,000 a day

Ex-Commonwealth Bank CEO Ralph Norris had a good final few months.
Ex-Commonwealth Bank CEO Ralph Norris had a good final few months.

Former Commonwealth Bank chief executive Ralph Norris received a total package of $9.61 million in his final five months at the bank, according to annual accounts released this morning.

The payments represent a combination of short-term bonus payments and long-term share-based awards that are yet to vest for the former chief executive. The payout for Mr Norris, who retired from the bank on November 30 last year, amounted to about $63,000 a day for that period - more than the average full-year salary of Australians.

Excluding the long-term payments - which are scheduled to vest over next two years based on the bank's performance on customer satisfaction rankings – Mr Norris' payment for the year came in at $4.22 million.

New CBA chief executive Ian Narev, meanwhile, was paid $5.68 million for his seven months as chief executive. This tally was more than double his previous year's tally of $2.68 million when he headed CBA's business banking arm.

Other big payments included CBA's former retail banking boss Ross McEwan was paid $5.34 million last financial year, up from $3.62 million. Mr McEwan resigned from CBA in May to take a role at Royal Bank of Scotland in the UK.

The total remuneration for CBA's top 12 executives last financial year, including Mr Norris was $51.7 million.

Outlook still grim

Separately, CBA's chairman David Turner warned there is unlikely to be “significant improvements” in the global economic environment in the coming year.

A sluggish US economy and uncertainty through Europe has been weighing on Australia, Mr Turner said.

CBA last week reported a 4 per cent increase annual cash profit to $7.1 billion.

“While optimistic about the medium- to long-term outlook for Australia, the global economy remains uncertain. It is difficult to see the catalyst for alleviating the uncertainty which will continue to affect consumer and corporate confidence,” he said.

Mr Turner said the bank will continue to operate under “conservative” business settings given revenue remains under pressure.

This story Ex-CBA chief Norris's pay topped $63,000 a day first appeared on The Sydney Morning Herald.