Suncorp CIO takes $419k pay hit

The total remuneration of Suncorp chief information officer Jeff Smith sank by more than $419,000 over the past year as the executive missed hitting short-term targets.

(Credit: Jeff Smith)

In the year ended 30 June 2009, Smith took home a total of $793,639, including a $700,000 base salary, according to Suncorp's annual report released this morning.

However, like every other Suncorp executive in the period, he did not receive any short-term incentive bonus, effectively sinking his total remuneration by more than $419,000 compared with the year previously.

In the year to 30 June 2008, Smith picked up a $425,000 short-term incentive bonus that made him one of Australia's highest-paid chief information officers, with a total package of $1.21 million.

The former Telstra CIO has led Suncorp's technology operation since March 2007, when he was appointed as part of the new management team brought on board with the multibillion-dollar merger of insurers Suncorp and Promina.

In its annual reports session this morning, Suncorp did not detail any significant events in its technology support operation, or even its total budget. Most other major Australian banks detail current technology initiatives when they report results.