NAB Chair to leave bank

National Australia Bank (NAB) has announced the departure of chair, Ken Henry - as well as chief executive, Andrew Thorburn - following the release of the Royal Commission final report this week.

Henry said he and the board had recognised that change was necessary and that the timing of his departure "will minimise disruption for customers, employees and shareholders."

He added: "This is naturally a difficult decision but I believe the Board should have the opportunity to appoint a new Chair for the next period as NAB seeks to reset its culture and ensure all decisions are made on behalf of customers ... I am enormously proud of what the bank has achieved and equally disappointed about what the Royal Commission has brought to light in areas where we have not met customer expectations."

Henry has served as NAB chair since December 2015 and as a non-executive director since November 2011.

Thorburn will leave the bank on 28 February 2019 and Henry will leave once a new CEO has been appointed. Current NAB director, Philip Chronican, will step up as acting CEO while the search for a new CEO is underway.

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