Frazis may be highest paid CEO in NZ
(15 November 2011 — New Zealand) Westpac New Zealand chief executive George Frazis is likely the highest paid CEO in the country after his pay of $NZ5.4 million (A$4.13 million) in the year to September was reported.
The figure includes base pay of A$1 million, short-term incentive pay of A$1.2 million and A$1.9 million in pay deferred from previous years.
Last year Frazis received A$4.39 million, or about NZ$5.8 million.
Frazis was the second highest paid executive in Westpac Group in the latest financial year, behind CEO Gail Kelly on A$8.68m.
This month Westpac New Zealand reported ''cash earnings'' of NZ$454m for the year to September, up 41 per cent on the previous year. A big contributor to the gain was a drop in bad debt charges.
The result excludes the bank's institutional business in New Zealand.
Westpac New Zealand chairman Peter Wilson said Frazis and his executive team had met objectives required to receive short and long-term incentive pay.
''Westpac grew market share across all key products and segments resulting in a 41 percent rise in cash earnings, an 8 percent lift in operating income and a 32 percent reduction in impairments. This is a strong performance in a stable environment and continues a pattern of growth under George's leadership,'' he said.
''Since joining Westpac New Zealand in early 2009 George has overseen strategies that have led to the bank winning market share across every recorded category. At the same time customer deposits have grown by NZ$5.3 billion or 19 percent to more than fully fund loan growth of NZ$4.2 billion, or 9 percent.
''This has been achieved by leading a customer focused strategy, the successful implementation of the local operating model and intensive training of frontline staff to ensure we have the best bankers making the best decisions.''
The Westpac NZ chief's pay was ahead of his local banking sector peers. David Hisco, ANZ's New Zealand CEO, received NZ$2.9 million in the year to September (he took office on 13 October last year so his pay was not quite a full year). BNZ chief Andrew Thorburn received NZ$2.56 million in the year to September.
Last year Frazis received A$4.39 million, or about NZ$5.8 million.
Frazis was the second highest paid executive in Westpac Group in the latest financial year, behind CEO Gail Kelly on A$8.68m.
This month Westpac New Zealand reported ''cash earnings'' of NZ$454m for the year to September, up 41 per cent on the previous year. A big contributor to the gain was a drop in bad debt charges.
The result excludes the bank's institutional business in New Zealand.
Westpac New Zealand chairman Peter Wilson said Frazis and his executive team had met objectives required to receive short and long-term incentive pay.
''Westpac grew market share across all key products and segments resulting in a 41 percent rise in cash earnings, an 8 percent lift in operating income and a 32 percent reduction in impairments. This is a strong performance in a stable environment and continues a pattern of growth under George's leadership,'' he said.
''Since joining Westpac New Zealand in early 2009 George has overseen strategies that have led to the bank winning market share across every recorded category. At the same time customer deposits have grown by NZ$5.3 billion or 19 percent to more than fully fund loan growth of NZ$4.2 billion, or 9 percent.
''This has been achieved by leading a customer focused strategy, the successful implementation of the local operating model and intensive training of frontline staff to ensure we have the best bankers making the best decisions.''
The Westpac NZ chief's pay was ahead of his local banking sector peers. David Hisco, ANZ's New Zealand CEO, received NZ$2.9 million in the year to September (he took office on 13 October last year so his pay was not quite a full year). BNZ chief Andrew Thorburn received NZ$2.56 million in the year to September.
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