CEO named at National Australia Bank

National Australia Bank (NAB) has announced the appointment of Ross McEwan as group chief executive officer and managing director.

New Zealand-born, McEwan has more than 25 years experience in the finance, insurance and investment industries and currently serves as CEO of Royal Bank of Scotland (RBS), a position he has held since October 2013.

McEwan left Australia and his role as group executive for retail banking at Commonwealth Bank of Australia (CBA) in 2012 to join RBS. Previous roles included executive general manager at CBA with responsibility for the branch network, contact centres and third party mortgage brokers, managing director of First NZ Capital Securities and chief executive of National Mutual Life Association of Australasia Ltd/AXA New Zealand Ltd.

Philip Chronican, interim CEO since March 2019 following the resignation of Andrew Thorburn, will transition to the chairman position in mid-November 2019, replacing Dr Ken Henry who indicated his intention in February to resign from the Board once the permanent CEO was appointed.

Chronican said of McEwan's appointment: "Ross McEwan is the ideal leader for NAB as we seek to transform our operations and culture firmly around leading customer service, experience and products.

"Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers. RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation.

"We have secured a well proven CEO and reached agreement on an appropriate remuneration package when compared with domestic and international peers and other sectors."

Commenting on his appointment, McEwan said: "It is a privilege to return to Australia and lead NAB at a crucial time for the bank, its customers, employees, shareholders and the broader community.

"There are a number of areas where NAB can extend its lead, such as business banking, agriculture and health, and other areas where I believe we should consistently lead such as customer service. We must also meet and exceed the expectations of our many stakeholders.

"It is essential that I protect and accelerate the bank's transformation program. The community also expects a higher level of accountability and transparency from the banking industry. Australians deserve NAB to be a world class service provider."

Editor's note: NAB announced to the ASX on 20 September 2019 that Ross McEwan will commence as group CEO and managing director on Monday 2 December 2019.