Westpac CIO Bob McKinnon's pay packet increased by nearly half a million dollars in the 2010 financial year ending 30 September.
Bob McKinnon (Credit: Westpac)
In total, the chief of Westpac's technology group raked in around $2.5 million in 2010, up from $2.09 million in 2009, a pay increase of roughly $400k on paper, comprising mainly of short-term cash and long-term share incentives.
However, McKinnon's base salary in 2010 ($734,000) remained similar to that of the last financial year ($739,000).
Prior to his appointment at Westpac, McKinnon was the chief information officer at Commonwealth Bank.
The technology executive recently held a press conference about Westpac's IT goals over the next three years, saying the bank was looking to implement a new IP telephony system, upgrade two datacentres, decommission a legacy datacentre and install a paperless system for signatures. These are all part of a Strategic Investment Priorities program being carried out by the bank.
Westpac is also planning to roll-out a new online banking platform in 2012 for retail, business and corporate customers.
So far the bank has spent nearly $507 million in the first year of the five-year program.