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