Compare Credit Cards
- Credit Cards Home
- Balance Transfer Rate
- Low Interest
- No Annual Fee
- Reward Credit Cards
- Business Credit Cards
- Gold & Platinum
- Debit Cards
Compare Banking
Compare Loans
Compare Insurance
- Insurance Home
- Health Insurance
- Home Insurance
- Life Insurance
- Motor & Bike Insurance
- Travel Insurance
Investment Providers
Links
CBA Chief Norris, Says Successor Likely To Be Chosen From Within
Ralph Norris, chief executive of Australian banking major, Commonwealth Bank of Australia (CBA)., says he believes that his successor is most likely to be an internal candidate, and would be chosen from within the ranks of the lender.
“I would regard my time here as a failure if I’m not succeeded internally because the board has great talent, great options,” Mr. Norris said in an interview with The Australian Financial Review newspaper.
“We have got some fantastic talent right across the board. Everybody in the team at the top has been hand-picked.”
Mr. Norris specifically mentioned CBA’s information officer Michael Harte, as a possible contender for the top job, but also mentioned head of business and private banking, Ian Narev, Annabel Spring, who heads the strategy group, Ross McEwan who runs the retail business, and Grahame Peterson of wealth management all as possible candidates and exceptional talent.
John Schubert CBA’s chairman, who will be retiring in early 2010 will be replaced by non-executive director and former Brambles Ltd chief David Turner.
Mr. Norris also told the paper a person of influence should look to be respected rather than popular. “If it comes down to a popularity test or being respected for doing the right thing, I will always choose the latter,” he said.
CBA announced on Wednesday that is would raise $700 million through an offer of new Tier 1 hybrid security, with similar terms to the lender’s existing hybrid instrument Perpetual Exchangeable Resettable Listed Securities (PERLS).
A Tier 1 offer for CBA has been in the pipeline since April, when the bank said it was exploring opportunities to raise hybrid capital. According to CBA, the issue will boost the bank’s Tier 1 ratio by at least 24 basis points.
CBA, often targets retail investors when it needs to raise Tier 1 hybrid capital. Such securities usually offer franked dividends, or tax benefits, and tend to offer an attractive return for yield-starved buyers.
Compare Australian Credit Card Deals
Related posts
Comments
Leave a Reply