National Australia Bank chief executive John Stewart to step down amid speculation over his credibility.
National Australia Bank (NAB) has announced this morning that its chief executive John Stewart will step down.
NAB's Bank of New Zealand chief executive Cameron Clyne will replace him effective from January 1, 2009.
Clyne will make the transition to the new role starting from October, a NAB announcement to the Australian Securities Exchange (ASX) said this morning.
Clyne's appointment came amid reports that cited Stewart was under pressure because of a lack of transparency when he revealed NAB's true risky exposures.
NAB added $830 million in bad debt provisions related to risky collateralized debt obligations (CDO) on July 25, sparking the worst sell-off in its shares since the 1987 stock market crash.
On Monday, 70 per cent of investors pulled out of NAB's $850 million bond sale, further pressuring Stewart's credibility.
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