NAB execs miss key targets
(23 February 2011 – Australia) The chief executive officer of National Australia Bank and two of his senior management team members have taken a direct financial hit as a result of not hitting key performance targets, amid intense competition among the big four.
The bank revealed last night that Mr Clyne, his deputy Michael Ullmer and executive director Mark Joiner had missed key performance targets.
As a result of the missed key performance targets, which are based on profits, return on equity and share price performance, meant the three men lost hundreds of thousands of dollars in long-term incentive shares.
NAB's announcement to the Australian Securities Exchange showed Mr Clyne lost 19,565 performance rights in the past year, equal to shares worth about A$500,000, The Australian newspaper reported.
Mr Ullmer lost 20,190 performance rights worth A$525,000 and Mr Joiner forfeited 14,196 long-term incentive shares worth A$369,000.
The lost shares this year follows a similar amount of stock being forfeited a year ago.
As a result of the missed key performance targets, which are based on profits, return on equity and share price performance, meant the three men lost hundreds of thousands of dollars in long-term incentive shares.
NAB's announcement to the Australian Securities Exchange showed Mr Clyne lost 19,565 performance rights in the past year, equal to shares worth about A$500,000, The Australian newspaper reported.
Mr Ullmer lost 20,190 performance rights worth A$525,000 and Mr Joiner forfeited 14,196 long-term incentive shares worth A$369,000.
The lost shares this year follows a similar amount of stock being forfeited a year ago.
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