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. NAB's Andrew Thorburn, Ken Henry resign, Phil Chronican named acting CEO, NAB CEO and chairman announce resignations. "We need customers trusting us to look after their interest, but ... it is not a poison chalice at all.". Catch up on SBS On Demand. "Ross is a highly ethical and diligent character," Mr Le Mesurier said. "It is a privilege to return to Australia and lead NAB at a crucial time for the bank, its customers, employees, shareholders and the broader community," Mr McEwan said. JP Morgan bank analyst Andrew Triggs said the market should welcome Mr McEwan's appointment. Veteran banking executive Ross McEwan has been appointed new chief executive of the embattled National Australia Bank, which remains in damage control amid the fallout from the financial services royal commission.

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The NAB board will now commence the search for a new CEO "while actively considering a range of quality internal candidates," the bank said. Over that period NAB's share price has risen a meagre 20 per cent while its big four peers have put on between 170 per cent in the case of Westpac and ANZ and 220 per cent for CBA. The final report - made public two weeks ago - expressed serious concerns about the pair's leadership of the bank and failings that included charging fees for no service. Brett Sutton asked to provide new statement to hotel quarantine inquiry after emails contradict his evidence, Domestic violence services fear another spike in incidents this AFL and NRL grand final weekend, After a school year like no other, Year 12s in NSW have begun their HSC exams, Victorian government backflips on move allowing 1,250 people at Cox Plate horse race after heavy backlash, Young Australians are being 'aggressively radicalised' through right-wing extremism, federal police warn, Australians stuck overseas are disappointed with the government's charter flight solution, Victoria 'well placed' to ease more restrictions as state records just one new case and zero deaths, Not disclosing two crew left a COVID-hit livestock ship in WA was 'an oversight', Mark McGowan says. Washington, D.C. – NAB President and CEO Gordon Smith today issued the following letter to the NAB Show community regarding plans for NAB Show in light of coronavirus concerns: Dear NAB Show community, As you know, we have been carefully monitoring coronavirus developments both domestically and globally over the past few weeks. The NAB board will now commence the search for a new CEO "while actively considering a range of quality internal candidates," the bank said. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. "Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers. NAB was ranked 21st largest bank in the world measured by market capitalisation and 52nd largest bank in the world as measured by total assets in 2019. NAB has removed Ken Henry from the decision-making process in the search for a new chief executive. 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.".

Ask Amazon Alexa for the latest SBS News or listen to SBS Radio. CEO Urban One, Inc. Emily Barr President and CEO Graham Media Group Pat LaPlatney President and Co-CEO Gray Television: Gordon H. Smith President and Chief Executive Officer NAB Margaret L. Tobey Senior Vice President, Regulatory Affairs NBCUniversal Ralph M. Oakley President and CEO Quincy Media, Inc. Perry Sook Chairman, President & CEO Mr Triggs added Mr McEwan will bring a wealth of directly relevant banking experience. "An external appointment also allows for a fresh look at what needs to be done to improve NAB's culture.".

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National Australia Bank acting chief executive Phil Chronican, who succeeds Dr Ken Henry as chairman in November this year, praised Mr McEwan's long-standing knowledge of Australian banking. Also departing NAB is chair, Ken Henry, who will step down from the board once the new CEO has been appointed. We love feedback: help us improve by rating the app and sharing your suggestions at apps@sbs.com.au.

It is essential that I protect and accelerate the bank's transformation program. "You know, through the royal commission, many financial institutions including NAB had some damage done to their reputation. However, I recognise there is a desire for change. A one-time head of retail banking at the Commonwealth Bank, the New Zealand-born banking heavyweight had narrowly missed out on the top job to Ian Narev, who retired in the lead-up to the royal commission after presiding over CBA during a period of multiple scandals. 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. Mr McEwan's appointment comes as NAB works to rebuild its reputation with consumers, governments and regulators after allegations that it engaged in potential criminal misconduct as part of the "fees for no service" scandal revealed during the royal commission. The appointment comes after a global search, with NAB's head of business banking Anthony Healy seen as the most likely internal contender. Despite NAB's board backing Mr Thorburn earlier this week, the CEO said he had been speaking with Dr Henry, and decided to resign because of a realisation the bank had "fallen short". Watch SBS World News live daily at 6:30pm on TV and on our app. Can he be deported back to a war-torn country? By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS. We need to repair that," he said. AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), NAB boss Thorburn picks up $1m on his way out, but leaves plenty on the table, NAB entrenches itself as Australia's most accident-prone bank as it sets off up a mountain, 'Deeply sorry': NAB bosses resign, admitting the bank failed customers, Soldier's PTSD was among worst psychiatrist had seen prior to taking his own life, inquest hears, 'It was a mistake': Victoria's Racing Minister forced to back down on Cox Plate attendees, Footballer who 'didn't remember' dragging nurse down Melbourne laneway not guilty of sex crime, Police handed information on claims Vatican sent $1m to Australia in relation to Pell abuse trial, Danish submarine killer Peter Madsen caught after breaking out of prison, Sutton was emailed about use of private security in hotel quarantine, Lambie unfair dismissal case hears allegations of 'vile, profane, vulgar' language, sex talk in office, Famous cattle station once owned by Kerry Packer earmarked for massive solar farm, Fishing crews quarantined in New Zealand hotel test positive to coronavirus, Jobs for workers under 20 are on the up. Sign up now for the latest news from Australia and around the world direct to your inbox. Also departing NAB is chair, Ken Henry, who will step down from the board once the new CEO has been appointed.

SBS acknowledges the traditional owners of country throughout Australia. New Zealander Ross McEwan will take over as NAB CEO no later than April.

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The bank said on Wednesday that Dr Henry, who quit with CEO Andrew Thorburn after both were named and shamed in Kenneth Hayne's final royal commission report, would play no role in the search. Register to receive weekly and monthly newsletters on the People and Products in institutional and retail finance. NAB has removed Ken Henry from the decision-making process in the search for a new chief executive. The community also expects a higher level of accountability and transparency.". "We had viewed Mr McEwan as the preferred of two main likely external candidates for the role and we believe his appointment should give the market additional confidence in NAB's medium and long term outlook," Mr Triggs wrote in a note to clients.

Thorburn joined NAB in 2005 as head of retail banking and was appointed managing director & CEO of Bank of New Zealand in October 2008. National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia in terms of market capitalisation, earnings and customers. "Ross McEwan is the ideal leader for NAB as we seek to transform our operations and culture firmly around leading customer service, experience and products," Mr Chronican said in a statement to the stock exchange. "We must also meet and exceed the expectations of our many stakeholders. The British Government took majority ownership of RBS in the wake of the global financial crisis to save the bank from collapse, after it had overstretched itself with a rapid expansion prior to the GFC. While the search is underway, current NAB director, Philip Chronican, will step up as acting CEO. The appointment of Mr McEwan — who turned around Royal Bank of Scotland in the wake of the global financial crisis — heralds a critical new era for the National Bank, as regulators make the case for potential criminal prosecutions against senior bankers. Mr McEwan will become NAB's sixth CEO — including the current acting CEO Mr Chronican — in the past two decades. Speculation about Mr McEwan's possible appointment accelerated after he resigned from Royal Bank of Scotland in April this year. Mr Thorburn sacrificed about $20 million in bonuses by quitting, with the bank confirming he would forfeit all his unvested performance-related awards.



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