Former Wellington solicitor David McLean made a profitable move to his current employer, Westpac Bank, and has now also seen his remuneration rise to $2.455 million.
The increase for Power List member McLean has seen an increase of over $14,500 according to the Bank’s recently released financial reports and despite his parent bank’s chief executive in Australia taking a major financial hit of over A$1.5 million.
The Australian banks in particular have been under major pressure following the Australian Royal Commission identifying a raft of major malpractice issues.
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McLean’s fixed remuneration rose from A$849,488 to A$861,551 which also helped boost his superannuation benefit from A$81,444 to A$87,710, the bank’s financial reports show.
His short-term cash incentive fell from A$498,439 to A$426,975 and his non-monetary benefits were also down from A$55,885 to A$1,194.
But that was offset by a rise in shares rights which were boosted from A$785,206 to A$907,580.
McLean has been chief executive of Westpac NZ since February 2015 and has been with the bank since 1999 where he has held senior roles.
He worked in Wellington for Macalister Mazengarb and as in‐house counsel for Natwest, before joining the Capital Markets Group of Southpac/National Bank in 1988.
He subsequently joined Deutsche Morgan Grenfell and established the New Zealand branch of Deutsche Bank before making his move to Westpac where he has proved a popular and forward-thinking manager focused on diversity and inclusion.