Australia's biggest bank gets new boss

Australia's biggest bank, the Commonwealth, on Friday appointed New Zealander Ian Narev as its new chief executive to replace Ralph Norris who will retire in November. Narev, 44, has been with the Commonwealth Bank of Australia since 2007 and is currently head of the business and private banking division. Chairman David Turner called Narev "an extraordinary executive", who led the bank's Aus$2.1 billion ($2.3 billion) acquisition of Bankwest in 2008 and another deal to take a large stake in Aussie Home Loans. "He has restructured and revitalised business and private banking which has delivered double digit revenue and profit growth with significant efficiency gains," he said. "He is a proven and inclusive leader." In a statement, the bank said he would be paid a fixed Aus$2.5 million a year and be eligible for a short-term incentive of Aus$2.5 million. Narev said was looking forward to the challenge and to "continuing the focus on transforming the group to become Australia's finest financial services organisation and continuing to move that aspiration selectively into Asia". Norris has been in the role for six years. "Both Ralph and the board felt this was the right time to appoint the next CEO," Turner added.