NAB is going to compensate former Bank of America Merrill Lynch Australia Bank boss Craig Drummond for the money he’s missing out on by joining them.
It released a statement today saying Drummond was joining as the group executive finance and strategy.
The bank said it had committed to compensating him for deferred employment incentives to the value of $6.5 million, in a combination of cash and equity, that he otherwise would have missed out on.
This will be paid or vested between his start date and 2016.
He replaces Mark Joiner, whose departure was announced in March this year, as part of number of changes aimed at saving NAB around $800 million a year. He will be on the same salary as Joiner who, according to NAB’s 2012 annual report, pocketed $3,585,898 for that year.
“Craig has established himself as a leading executive with an impressive record of achievement,” said NAB CEO Cameron Clyne in the statement.
Before BoAML, which he ran from October 2009, Drummond was the chief executive officer and chief operating officer of Goldman Sachs JBWere.
He was the guy who oversaw oversaw the merger of the two companies.
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