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Company News Summary

National Australia Bank Announces CEO and Chairman Leaves Board

07 Feb 2019  |  17:25:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: CEO and Chairman to leave NAB

National Australia Bank (NAB) announced that CEO Andrew Thorburn and Chairman Dr Ken Henry advised on 7 February 2019 that they would leave the bank. The NAB Board will initiate a global search process for the CEO role while considering a range of quality internal candidates. Mr Thorburn will finish at NAB on 28 February 2019. Dr Henry indicated he would retire from the Board once a new permanent CEO had been appointed. The Board has asked Philip Chronican, a current NAB Director with extensive domestic banking experience, to serve as acting CEO effective 1 March until a permanent appointment is made. During his time as CEO, Mr Thorburn repositioned NAB to focus on its core business in Australia and NZ. This included the divestment of Clydesdale Bank, Great Western Bank and MLC Life.

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