NAB names incoming Chair

National Australia Bank (NAB) has announced the appointment of current board director and acting group chief executive officer, Philip Chronican, as the bank's next chair.

NAB director David Armstrong, who led the committee recommending the new chair, said of the appointment: "Phil has been an outstanding Director for NAB and has a deep, extensive background in Australian financial services. Phil told the Board that he did not intend to be considered as a candidate for the CEO role, enabling us to move quickly to appoint him as Chairman."

Chronican, who commenced in the role of acting group CEO on 1 March 2019, added: "Much needs to change in a meaningful way at our bank. We have unfortunately been found wanting in too many areas when it comes to our customers, and I am determined to ensure that change happens to ensure we meet and exceed their expectations."

Chronican will replace Ken Henry as chair "later in 2019", NAB said.

The appointment date below is indicative only and will be updated once the exact date is known.