Former 40under40 winner Andrew Thorburn is set to take the reins at National Australia Bank, following the retirement of long-serving chief executive Cameron Clyne.
He became the Commonwealth Bank of Australia's youngest ever state general manager at 34 years of age while based in Western Australia, and was a winner at the inaugural Business News 40under40 awards in 2002.
"Andrew Thorburn has done a superb job of leading Bank of New Zealand since 2008 where he continued to build the bank's performance, increasing cash earnings by more than 40 per cent, improving market share on the back on strong customer satisfaction and developing a strong leadership culture," he said.
"As a member of the group executive team, his energy, vision and ability to motivate employees have been obvious, as has his business acumen."
Mr Thorburn will receive a base salary of $2.2 million, with the opportunity to earn up to $6.7 million in short-term and long-term incentives.
This includes a short-term incentive of up to $3.85 million (with half paid in cash and half paid in deferred performance rights) and a long-term incentive award of up to $2.86 million, allocated in performance rights.
Mr Chaney said the NAB board believed it was appropriate for the incoming chief executive to start on a lower remuneration package than the incumbent.
He said the remuneration deal was strongly aligned to shareholder expectations, with 70 per cent of the total package "at risk".
"Cameron took over as CEO during the global financial crisis and developed an effective strategy to steer the bank through a challenging period during which it has undergone significant cultural and structural change," he said.
"He is highly regarded throughout the bank and externally, and we are sorry to see him leave at this time."
Mr Chaney is thought to be likely to depart as NAB chairman when his term expires next year.