St George Bank's group executive for group technology and operations, Paul Newham, has pulled in almost a million for his year's work at the bank.
(Credit: St George)
The executive, appointed to his current position on 12 May 2008 after former IT head Peter Clare resigned at the end of last year, received $940,000 in total for his travails in the bank's IT department, including the money paid to him for the first part of the year spent in his previous role as general manager group technology and operations.
The almost $1 million in payment consisted of $536,000 in base pay, $256,000 in short term incentives, $11,000 in non-monetary benefits which included items such as "car parking expenses" and insurance for liability, $11,000 in accrued long service leave as well as $15,000 in superannuation contributions.
The bank also included $111,000 in his long-term salary for the expensing of shares received which normally vest on performance or time criteria.
The amount Newham received for his short-term bonus was the full amount he could have received. His fellow executives also all received 100 per cent of their short term incentive. Short-term bonuses for St George have been based on operating profit after tax, revenue growth, cost-control and financial ratios.
For the three months between 30 September 2008 and 31 December 2007, Clare received $222,000 as his base salary, which could indicate that if Newham spent the whole year in the top spot, his next pay packet could be even more lucrative.
Newham will have an action-packed tenure in the coming year, with the company's planned merger with Westpac requiring the alignment of the groups' IT platforms.
12th of may until 13 nov.(stg merger).
185 days.
works out at 5000 dollars a day, and he has delivered what exactly?