NAB Chairman and CEO resign

Company News

by Rachael Jones

National Australia Bank (ASX:NAB) yesterday saw both their chairman and CEO resign after a difficult week.

Chief Executive Officer Andrew Thorburn will step down on the 28th February and Chairman Dr Ken Henry will retire from the board once a new CEO has been appointed.

Thorburn acknowledged the bank had “sustained damage as a result of its past practices and comments in the royal commission’s final report” and recognised the “desire for change”.

Yesterday the bank also released its results for the quarter showing a 3 per cent drop in cash earnings to $1.65 billion.

They also plan to delay the public markets exit of wealth management company MLC until 2020 due to
the Hayne royal commission creating a challenging environment for wealth businesses.

Shares in National Australia Bank (ASX:NAB) closed 1.26 per cent higher to $24.93
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.