Commonwealth Bank has hired Spencer Stuart to review potential candidates for chief executive when the incumbent, Ralph Norris, decides to step down,
The Australian reported. Norris joined CBA in 2005.
The bank only in November last year set terms for a novel bonus arrangement for Norris, who would have to serve several more years to earn it.
Norris may earn a percentage (currently 2.2 per cent) of the growth in the bank's net profit less the cost of capital over the three-year performance period (which worked out at around $11.6 million when estimated late last year).
To get it, Norris must manage the bank so that CBA's growth in net profit exceeds the average growth in profit of ANZ, National, St George and Westpac.
The second hurdle is that, to receive full payment of a bonus Norris must see that the bank hits the top of the Roy Morgan, TNS and Assirt customer satisfaction surveys.