Cicutto, McFarlane continue at the helm
(28th October, 2003 – Australia) Australia’s domestic banking landscape looks set for a period of relative stability after two Big Four chief executives had their tenures clarified this week.
Firstly, National Australia Bank announced it had reappointed chief executive Frank Cicutto for a further three years until October 2006. Then ANZ boss John McFarlane dampened down media speculation that he had half an eye on retirement, telling staff via an internal email that "nothing could be further than the truth".
McFarlane said he had three or four years remaining on his contract, was enjoying the role, and "wasn’t going anywhere".
NAB’s Cicutto will collect a base salary of A$2.082 million a year for the next three years with a greater amount of his remuneration to be "at-risk" linked to the bank’s financial performance.
The bank said Cicutto’s pay structure was "highly performance orientated" and was comparable with other leading ASX companies and UK banking peers.
Cicutto’s continuation of the role follows Westpac’s reappointment of chief executive David Morgan until the end of 2007.
McFarlane said he had three or four years remaining on his contract, was enjoying the role, and "wasn’t going anywhere".
NAB’s Cicutto will collect a base salary of A$2.082 million a year for the next three years with a greater amount of his remuneration to be "at-risk" linked to the bank’s financial performance.
The bank said Cicutto’s pay structure was "highly performance orientated" and was comparable with other leading ASX companies and UK banking peers.
Cicutto’s continuation of the role follows Westpac’s reappointment of chief executive David Morgan until the end of 2007.
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