Kelly rewarded for another bumper year
(23 November 2004 – Australia) St George Bank chief executive Gail Kelly has been given a pay rise and had her contract extended indefinitely.
Kelly, who presided over the bank’s 19 percent increase in net profit for 2004, has had her base pay increased to A$1.5 million from A$1.35 million. She will also receive a short-term bonus payment of A$1.5 million if the bank hits its financial targets.
If Kelly decides to leave the bank she will have to give the board six months notice. The board, for its part, will have to provide her with 12 month’s notice for termination without cause.
There has been speculation that Kelly could one day return to her former employer, Commonwealth Bank, as a replacement for chief executive David Murray.
St George chairman Frank Conroy said the open-ended nature of Kelly’s contract illustrated the confidence the board had in her.
"Mrs Kelly is a highly respected and capable chief executive officer. Her leadership has benefited greatly the bank’s shareholders as evidenced by the very strong financial results of the last few years," Conroy said.
Kelly said she had never been more "energised" in her work. She said she was committed to the ongoing growth and prosperity of the bank’s staff, customers and shareholders.
If Kelly decides to leave the bank she will have to give the board six months notice. The board, for its part, will have to provide her with 12 month’s notice for termination without cause.
There has been speculation that Kelly could one day return to her former employer, Commonwealth Bank, as a replacement for chief executive David Murray.
St George chairman Frank Conroy said the open-ended nature of Kelly’s contract illustrated the confidence the board had in her.
"Mrs Kelly is a highly respected and capable chief executive officer. Her leadership has benefited greatly the bank’s shareholders as evidenced by the very strong financial results of the last few years," Conroy said.
Kelly said she had never been more "energised" in her work. She said she was committed to the ongoing growth and prosperity of the bank’s staff, customers and shareholders.
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