The Commonwealth Bank of Australia’s chief executive Ralph Norris has announced he will retire from the bank at the end of November.
Mr Norris will be replaced by the company’s group executive, business and private banking Ian Narev.
Mr Narev has been on the payroll at CBA since 2007.
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In his new role, the former group executive is expected to receive a fixed remuneration of $2.5 million a year as well as short and long term incentive payments.
Mr Norris was Australia's highest paid banking chief executive, with an annual income of $16.2 million in fiscal 2010.
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