National Australia Bank (ASX:NAB) Group CEO, Andrew Thorburn has announced the appointment of Geoff Lloyd as CEO of wealth management business, MLC from September this year.
He joins NAB after six years as CEO and Managing Director of financial services group Perpetual.
The appointment comes on the back of NAB’s announcement it will divest its wealth division by the end of 2019.
In May the bank announced plans to reshape its wealth management portfolio to focus on its core banking operations in Australia and New Zealand.
NAB said Lloyd is a standout leader and the right person to lead the group through the transition, establish a new stand alone business and build it for the future.
Shares in NAB (ASX:NAB) are trading up 0.57 per cent to $28 following the news.