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Must be child's play running a bank these days

The Commonwealth Bank of Australia has moved to fill the void of former child-actor banking bosses by naming Ian "Davie" Narev as its new chief executive.

The Commonwealth Bank of Australia has moved to fill the void of former child-actor banking bosses by naming Ian "Davie" Narev as its new chief executive.

More than three years after the former child actor David Morgan called it quits as the head of Westpac, CBA announced on Friday that the New Zealander Narev would replace fellow Kiwi Ralph Norris as chief executive in December.

Despite a statement describing Narev as an "extraordinary executive" and a "proven and inclusive leader", the bank did not go into too much detail about his childhood acting skills.

CBA's shares gained 78? on news of the appointment, with investors not reading too much into Narev's role in a 1979 New Zealand television series Children of Fire Mountain, set in a thermally active town in the colonial period. Narev played the slightly clumsy, slightly naughty and curly-haired Davie.

In the first episode, Davie falls off his bicycle, gets fired on by a sling-shot and sees his gang of "scallywags" get framed for breaking a butcher's shop window. In the same show he makes a blood vow to seek vengeance on the apprentice butcher who tried to frame him and his gang for breaking the window.

CBD only managed to get through the first of 13 shows in the series, which apparently culminates with a volcanic eruption. Narev's character also has the trademark line: "Me mum will skin me."


Westpac's former chief executive David Morgan was the leading character (Tom Thumbleton) in the 1960s television series The Magic Boomerang, about a boomerang that froze time when thrown.

Morgan also appeared in the film Funny Things Happen Down Under that also starred the 1960s heart-throb Ian Turpie and Olivia Newton-John.


Narev, who is at present CommBank's head of strategy, will be paid an annual $2.5 million base salary - a nice step up from his $828,459 base wage in the 2010 financial year. He will be entitled to a short- and long-term bonus of up to $5 million a year.

Before being hired by Sir Ralph in 2007, Narev was the New Zealand head of the management consultancy firm McKinsey.

In comparison Sir Ralph, who retires in December, was paid a $2.96 million base wage in the same year. His total remuneration for 2010-11 was $16.15 million, which included $6.42 million in performance bonuses.

The outgoing CBA boss will be about 10 months into retirement by the time the 2012 annual report is released, showing details of his golden parachute package.


The chairman of the drilling services company Coretrack has drawn on his political leadership fighting skills to fend off a bid to have him dumped after only 10 months in the job.

The former West Australian Liberal leader Matt Birney has penned a rousing defence against Coretrack's founders Bill Connell and Damian Stockton who have requisitioned a shareholder meeting seeking to have him dumped.

"It is my intention to defeat this motion by a margin that is great enough to render it little more than a less-than-credible ill-considered attempt to control the direction of the company," Birney said in a statement to the market late on Friday.

"This motion is essentially about two opposing views regarding the direction of the company," he said.

The chairman, who survived as WA Liberal leader for only a year, seems to think he has the numbers on his side this time. Birney, who retired from politics in 2008, noted how Connell had used the same strategy before. "He was also unsuccessful on that occasion," he said.

The former politician is believed to have the support of the company's two largest shareholders. Connell and Stockton are still employees of the company.


Do not expect to read about the News Corp boss Rupert Murdoch being abducted by aliens on The Australian or Daily Telegraph websites any time soon.

After a cyber attack hijacked the website of News International's The Sun last week and planted a hoax story on the untimely demise of Murdoch senior, News Limited's IT department went into code red.

"We have no evidence that attacks on our Australian systems are planned but we want to prevent any disruption to what we publish, or the systems you rely on every

day for work, such as email," the group's chief information officer John Pittard said in a message

to staff.

News Limited staffers had all their computer passwords reset on Friday in case of hacker attacks. "We know this is an inconvenience, but hope you understand it is a sensible precautionary measure," Pittard reassured staff.


If you thought it was overly-complicated working out the ownership and debt structure of the MAp-controlled Sydney Airport, spare a thought for those people in Moscow who want to know who owns the Russian capital's Domodedovo Airport.

Even the investigation into the January terrorist attack at the airport has been unable to find out who its real owners are.

"At the present time, the investigation has not succeeded in determining the real owners of the airport, on whom legislation lays the responsibility for the preservation of transport security at Domodedovo Airport," the English-language Moscow Times reported an investigative committee saying last week.

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