The National Australia Bank (ASX:NAB) Board of Directors announced current Director and interim Group Chief Executive Officer, Philip Chronican, as the next Chairman of NAB.
His appointment was unanimously supported by Directors.
He'll replace Ken Henry AC as Chairman later this year.
Phil told the Board that he did not intend to be considered as a candidate for the CEO role, moving him into the Chairman role.
The NAB Board of Directors last month established a special committee to manage the selection process for the Group CEO role, chaired by NAB Director Ann Sherry.
The current Chairman will not be a member of the selection committee, which will make a recommendation for the NAB Board to consider.
Shares in The National Australia Bank (ASX:NAB) closed 0.75 per cent higher to $25.46