Dr Ken Henry will become the new chairman of NAB when current chairman Michael Chaney retires in December 2015.
The directors of NAB confirmed Dr Henry's succession to the position in a statement released today.
Dr Henry joined the NAB board in November 2011, following a decade as secretary of the Commonwealth Treasury and a member of the board of the Reserve Bank of Australia.
He was also, for several years, a member of the council of financial regulators and joint chair of the Trans-Tasman Banking Council.
Current NAB chairman Mr Chaney said the board was very fortunate to have a person of Dr Henry's calibre within its ranks.
"Ken has an unequalled understanding of the Australian financial system, the issues facing financial services companies and the Australian economy more generally," Mr Chaney said.
"It has been a time of significant challenge for the bank, in particular with the global financial crisis, the UK recession and the subsequent major regulatory reforms.
"Our business in Australia and New Zealand is strong and producing good returns. The strength of our capital position and the proposed separation of the UK business, announced today, along with other portfolio restructuring measures, position the bank well for the future," Mr Chaney said.
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