Departure

NAB CEO to leave bank

Executive Move

Andrew+thorburn

National Australia Bank (NAB) has announced the departure of chief executive officer, Andrew Thorburn, effective 28 February 2019, following the release of the Royal Commission final report this week.

Commenting on his departure, Thorburn said: “I acknowledge that the bank has sustained damage as a result of its past practices and comments in the Royal Commission’s final report about them ... As CEO, I understand accountability. I have always sought to act in the best interests of the bank and customers and I know that I have always acted with integrity. However, I recognise there is a desire for change."

He added: “Our executive team is capable and committed, and I have immense gratitude to them, and the leaders and all employees of the bank. I will greatly miss daily contact with them ... I look forward to spending time with my wife, our family and friends, and reflecting on the many things I am grateful for, before I embark on a new adventure."

Thorburn joined NAB in 2005 as head of retail banking and was appointed managing director & CEO of Bank of New Zealand in October 2008. He was appointed to his current role in August 2014.

The NAB board will now commence the search for a new CEO "while actively considering a range of quality internal candidates," the bank said. While the search is underway, current NAB director, Philip Chronican, will step up as acting CEO.

Also departing NAB is chair, Ken Henry, who will step down from the board once the new CEO has been appointed.

Departure

February 2019

Chief Executive Officer

National Australia Bank

News reports on this move

08/02/2019
Financial Standard
07/02/2019
Money Management
07/02/2019
Investor Daily
07/02/2019
Media Release