Murray gets A$17.5 million to go fishin’
(15 July 2005 – Australia) Commonwealth Bank chief executive David Murray will receive approximately A$17.5 million in payments when he leaves the bank on September 22.
The bank said the amount consisted of A$11.8 million in superannuation accumulated over the 39 years he’d been with CBA, A$2.3 million in statutory annual and long service leave entitlements, final contractual payments of A$2.4 million and A$1 million in incentive payments deferred from previous years.
Murray is also eligible for 268,100 shares over the next four years through long term incentive share grants.
The bank said he could receive all, some or none of these shares depending on the bank’s relative total shareholder return over the relevant periods.
CBA chairman John Schubert said incoming boss Ralph Norris would pick up the reins on 23 September, the day after Murray leaves.
He said the bank was looking forward to working with Norris on the Which New Bank program to ensure the momentum continued.
Schubert said Murray had made an "outstanding" contribution to the bank during his 13 years as CEO.
"Under his leadership the bank has been transformed from a partly privatised bank with a market capitalisation of A$6 billion in 1992 to a A$49 billion integrated financial services company," he said.
Murray is also eligible for 268,100 shares over the next four years through long term incentive share grants.
The bank said he could receive all, some or none of these shares depending on the bank’s relative total shareholder return over the relevant periods.
CBA chairman John Schubert said incoming boss Ralph Norris would pick up the reins on 23 September, the day after Murray leaves.
He said the bank was looking forward to working with Norris on the Which New Bank program to ensure the momentum continued.
Schubert said Murray had made an "outstanding" contribution to the bank during his 13 years as CEO.
"Under his leadership the bank has been transformed from a partly privatised bank with a market capitalisation of A$6 billion in 1992 to a A$49 billion integrated financial services company," he said.
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