(1 June 2004 – Australia) National Australia Bank chief executive John Stewart stands to earn more than A$21 million if he remains with the bank for his full three year term.Stewart has signed a three year contract with the option of renewal when the period ends. He will pick up a base salary of $2.23 million a year that will be reviewed in October 2005.
On top of this, Stewart could earn an extra “at risk” remuneration of $2.23 million, half of which he would receive as deferred shares.
NAB chairman Graham Kraehe said the bank was pleased to finalise a new contract with Stewart, who replaced former CEO Frank Cicutto in the wake of the foreign exchange trading blow out.
He said the contract provided an appropriate balance of fixed and performance based remuneration.
“John is providing strong leadership to the National and I am confident he will rebuild pride among employees and restore the reputation of the National,” Kraehe said.