Mediaboss Marketing

MARIA SLADE

One of the country's highest-paid chief executives is leaving Westpac New Zealand to take over the top job at Australia's St George Banking Group.

George Frazis was paid $5.4 million in the year to September 2011, the second year in a row his pay topped $5m.

The figure made him almost certainly the highest paid chief executive in New Zealand that year.

Westpac said Frazis' New Zealand replacement would be Peter Clare, a former senior manager at St George, Westpac and CBA.

"George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business," Westpac chief executive Gail Kelly said.

Cash earnings for the New Zealand business increased 41 per cent in the 2010/11 financial year.

"George has implemented a strong strategy to achieve growth across all market segments and to build a partnership with customers and the community. In particular, Westpac New Zealand's continued efforts in providing strong support for customers, the community and staff following the Christchurch earthquakes are a reflection of his commitment to this partnership."

Peter Clare was one of the Westpac Group's most seasoned executives, the bank said.

In his role as group executive products and operations, he led a division of 5000 people, providing key support across the businesses and driving performance. He is currently the chief operating officer of the group's Australian Financial Services business.

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Westpac NZ chief heads offshore