Saturday, July 16, 2005

Banking: Australian bank CEO set for $27.9 million pay out

Departing Commonwealth Bank chief executive David Murray, is set for a retirement package of $27.9 million when he leaves in September. Not bad for someone who started as a bank teller in 1966.

The Finance Sector Union predictably criticised the payment as being "hard to fathom".

Perhaps they also find the concept of working your arse off and turning a company around, hard to fathom as well.

More details: Sydney Morning Herald