NAB appoints Acting CEO

National Australia Bank (NAB) has announced that board director, Philip Chronican, will step up as acting CEO, effective March 1, 2019, following the departure of Andrew Thorburn.

Chronican has over 35 years' experience in banking and finance in Australia and New Zealand and has served on the NAB board since May 2016. He also serves as chair of the board's risk committee, as a member of the remuneration committee, and as a non-executive director of BNZ (a subsidiary of NAB).

Commenting on his appointment, NAB chair, Ken Henry who is also leaving the bank, said: "The Board has appointed Phil Chronican as acting CEO to ensure the smoothest possible transition while we explore permanent arrangements. Phil is a senior banker with a great depth of background for this transition period."

He added that the board will also seek to "bring on new non-executive directors this year to increase diversity of thinking and experience for the challenges ahead, and establish a board committee for customer outcomes."

Thorburn and Henry's announced departures follow the release of the Royal Commission final report this week.

Editor's note: On 19 July 2019, NAB announced the appointment of Ross McEwan as group chief executive officer and managing director, effective mid-November 2019