Young people considering whether IT is a worthwhile career need look no further than the success of Commonwealth Bank of Australia CIO Michael Harte who increased his total remuneration by nearly $700,000 this year.
According to the CBA's 2007 Shareholder Review, total remuneration increased from $1,070,975 in 2006 to $1,733,228 this year.
The most significant increase was Harte's "short term benefits" which increased from $246,650 last year to $1,564,152; however, "post employment benefits" shrank from $708,500 to $42,500.
Harte's "other benefits" rise slightly from $115,825 to $126,576.
According to the report, grand totals in respect of the financial year ended June 30, 2006 "do not necessarily" equal the sum of amounts disclosed for the individuals listed as there are different individuals specified as executives in 2007.
As group executive enterprise IT and chief information officer, Harte has certainly had his hands full over the past two years guiding significant change with the bank's communications infrastructure, services contracts, and upgrades to its Internet banking security.
Harte, who earlier this year took the honours as bank CIO, or eBanker for 2007 at the Australian Banking and Finance Awards, is a strong believer in hiring the best people from all around the world.