Subscribe to our newsletter

NAB group executive for finance resigns

NAB group executive for finance resigns

Reporter
— 1 minute read

The National Australia Bank’s group executive finance and strategy has resigned after less than three years in the role.

NAB group executive finance and strategy Craig Drummond has resigned, and will be replaced by Gary Lennon as chief financial officer.

In a statement to the ASX this morning, NAB chief executive Andrew Thorburn thanked Mr Drummond for his 2.5-year tenure, which saw him involved in the bank’s exit from the UK and the sale of its life insurance business.

“It is with disappointment that I announce Craig Drummond’s resignation. I am incredibly appreciative of what he has done for NAB. During Craig’s tenure NAB has been through a period of significant change, and Craig has been pivotal to this,” Mr Thorburn said.

“Over the last 2.5 years Craig has led NAB’s exit of Great Western Bank, the sale of the UK Commercial Real Estate and SGA portfolios, the 80 per cent sale of the life insurance business, the demerger and IPO of CYBG and the largest capital raising in Australian corporate history.

"He has also been instrumental in the implementation of NAB’s Performance Unit framework, which has led to greater transparency and alignment across our organisation.”

At the same time, NAB announced that the bank’s executive general manager finance, Gary Lennon, was appointed to the role of chief financial officer.

“Following the resignation of Mr Drummond, the Group Strategy function will now report directly to Mr Thorburn. Gary Lennon will commence in the role of chief financial officer on 15 March 2016, which will also be Mr Drummond’s final day at NAB,” the ASX statement said.

Read more:

Bank culture toxic for asset managers: Henderson

Australian Unity buys government home care service

BT appoints general manager, insurance

Perpetual LIC delivers 6.7% in first half 

KPMG appoints new directors to wealth advisory arm

 

NAB group executive for finance resigns
investordaily image
ID logo

related articles

promoted stories