Gail Kelly
Encyclopedia
Gail Kelly (born 25 April 1956) is an Australian business person of South African descent. She is the current chief executive officer
(CEO) of Westpac
, one of Australia's big four banks. In 2002, she became the first female CEO of a major Australian bank or top 15 company and, as of 2005, was the highest paid woman in an Australian corporation. She assumed the position of CEO at Westpac
in 2008.
, South Africa
. Currer attended the University of Cape Town
where she undertook an arts degree majoring in history and Latin as well as a Diploma in Education. She married Allan Kelly, in December 1977.
(now Zimbabwe
) where she taught Latin at Falcon College
while he served in the Rhodesian army. The couple returned to South Africa where Allan Kelly studied medicine at the University of the Witswatersrand and Gail Kelly taught at a government high school.
at Nedcor (after having given birth to triplets five months earlier). From early 1992 to 1997 she held various other General Manager positions at Nedcor, including cards and personal banking.
The Kellys were becoming disillusioned with South Africa in the middle of the 1990s and were looking to move to a different country. In June 1997, she flew to Sydney where she held interviews with four of the major banks and was appointed to a senior position at the Commonwealth Bank in July 1997.
Her performance at the Commonwealth Bank led her to be recruited as CEO of St. George Bank (after the death of the incumbent CEO from a heart attack). She commenced in January 2002 - at the time, St. George was seen as a possible takeover target (especially after the purchase of Colonial State Bank by the Commonwealth Bank) but Kelly has increased the bank's profitability
and achieved much higher levels on return on assets. In November 2004, St. George Bank gave Kelly a pay rise and extended her contract indefinitely with the capitalisation of the bank having risen by $3 billion since the start of her term as CEO. The Australian Banking & Finance
magazine gave her an award for Best Financial Services Executive in 2003 and 2004.
Because of her success at St George, there was extensive media speculation in June 2005 that she would return to the Commonwealth Bank as CEO on the retirement of Dr. David Murray
, but Kelly said that she was committed to remaining with St. George. Murray was replaced by Ralph Norris
, the former CEO and managing director of Air New Zealand
.
On Friday 17 August 2007, she announced her resignation as CEO of St. George Bank to take up the same position in Westpac from 2008. She started work as Westpac CEO on 1 February 2008.
A Westpac takeover of St. George Bank was announced on 12 May 2008. The takeover was approved by the Federal Court of Australia
and finalised on 26 May 2008.
ranked her the 32nd most powerful woman in the world, she was ranked 8th in 2010
she was ranked 18th in 2009;
and ranked 11th in 2008.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
(CEO) of Westpac
Westpac
Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
, one of Australia's big four banks. In 2002, she became the first female CEO of a major Australian bank or top 15 company and, as of 2005, was the highest paid woman in an Australian corporation. She assumed the position of CEO at Westpac
Westpac
Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
in 2008.
Early life and education
Gail Currer was born in PretoriaPretoria
Pretoria is a city located in the northern part of Gauteng Province, South Africa. It is one of the country's three capital cities, serving as the executive and de facto national capital; the others are Cape Town, the legislative capital, and Bloemfontein, the judicial capital.Pretoria is...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. Currer attended the University of Cape Town
University of Cape Town
The University of Cape Town is a public research university located in Cape Town in the Western Cape province of South Africa. UCT was founded in 1829 as the South African College, and is the oldest university in South Africa and the second oldest extant university in Africa.-History:The roots of...
where she undertook an arts degree majoring in history and Latin as well as a Diploma in Education. She married Allan Kelly, in December 1977.
Teacher
The couple moved to RhodesiaRhodesia
Rhodesia , officially the Republic of Rhodesia from 1970, was an unrecognised state located in southern Africa that existed between 1965 and 1979 following its Unilateral Declaration of Independence from the United Kingdom on 11 November 1965...
(now Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
) where she taught Latin at Falcon College
Falcon College
Falcon College is a private institution of higher learning for boys aged 12–18 in the southern Matabeleland region of Zimbabwe. It was founded in 1954 near Esigodini , 55 km southeast of Bulawayo on the remains of the Bushtick Mine...
while he served in the Rhodesian army. The couple returned to South Africa where Allan Kelly studied medicine at the University of the Witswatersrand and Gail Kelly taught at a government high school.
Banking
Kelly started work at the Nedcor Bank in 1980 as a teller but was fast-tracked into an accelerated training program. She started an MBA in 1986 while pregnant with her oldest daughter and graduated with distinction in 1987. In 1990, she became head of human resourcesHuman resources
Human resources is a term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations...
at Nedcor (after having given birth to triplets five months earlier). From early 1992 to 1997 she held various other General Manager positions at Nedcor, including cards and personal banking.
The Kellys were becoming disillusioned with South Africa in the middle of the 1990s and were looking to move to a different country. In June 1997, she flew to Sydney where she held interviews with four of the major banks and was appointed to a senior position at the Commonwealth Bank in July 1997.
Career in Australia
Kelly started work as the General Manager of Strategic Marketing in the Commonwealth Bank in October 1997. By 2002, she was head of the Customer Service Division responsible for running the Commonwealth Bank's extensive branch network.Her performance at the Commonwealth Bank led her to be recruited as CEO of St. George Bank (after the death of the incumbent CEO from a heart attack). She commenced in January 2002 - at the time, St. George was seen as a possible takeover target (especially after the purchase of Colonial State Bank by the Commonwealth Bank) but Kelly has increased the bank's profitability
Profit (accounting)
In accounting, profit can be considered to be the difference between the purchase price and the costs of bringing to market whatever it is that is accounted as an enterprise in terms of the component costs of delivered goods and/or services and any operating or other expenses.-Definition:There are...
and achieved much higher levels on return on assets. In November 2004, St. George Bank gave Kelly a pay rise and extended her contract indefinitely with the capitalisation of the bank having risen by $3 billion since the start of her term as CEO. The Australian Banking & Finance
Australian Banking & Finance
Australian Banking & Finance Magazine is a trade magazine of the Australian banking and finance community, providing coverage of the financial services sector, with a 30,000-strong readership....
magazine gave her an award for Best Financial Services Executive in 2003 and 2004.
Because of her success at St George, there was extensive media speculation in June 2005 that she would return to the Commonwealth Bank as CEO on the retirement of Dr. David Murray
David Murray (CEO)
David Murray AO is an Australian businessman who was the Chief Executive Officer of the Commonwealth Bank for 13 years until his resignation in 2005...
, but Kelly said that she was committed to remaining with St. George. Murray was replaced by Ralph Norris
Ralph Norris
Sir Ralph James Norris, KNZM was the Chief Executive Officer of the Commonwealth Bank of Australia until 30/11/2011. A New Zealander, he was previously CEO of the ASB Bank, the Commonwealth Bank of Australia's New Zealand subsidiary...
, the former CEO and managing director of Air New Zealand
Air New Zealand
Air New Zealand Limited is the national airline and flag carrier of New Zealand. Based in Auckland, New Zealand, the airline operates scheduled passenger flights to 26 domestic destinations and 24 international destinations in 15 countries across Asia, Europe, North America and Oceania, and is...
.
On Friday 17 August 2007, she announced her resignation as CEO of St. George Bank to take up the same position in Westpac from 2008. She started work as Westpac CEO on 1 February 2008.
A Westpac takeover of St. George Bank was announced on 12 May 2008. The takeover was approved by the Federal Court of Australia
Federal Court of Australia
The Federal Court of Australia is an Australian superior court of record which has jurisdiction to deal with most civil disputes governed by federal law , along with some summary criminal matters. Cases are heard at first instance by single Judges...
and finalised on 26 May 2008.
Ranking
In 2011, ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
ranked her the 32nd most powerful woman in the world, she was ranked 8th in 2010
she was ranked 18th in 2009;
and ranked 11th in 2008.
External links
- Crown Content, Who's Who in Australia 2005 North Melbourne Victoria page 1050
- Melbourne Age profile of Gail Kelly, 2 July 2005
- ABC Australia Business Breakfast transcript 7 May 2003
- Sydney Morning Herald article on Kelly's contract extension at St George in November 2004
- Weekend Australian story about Kelly being a favourite to succeed David Murray at the Commonwealth Bank