After much speculation, NAB has appointed its new chief executive following the departure of Andrew Thorburn.
Current CEO of the Royal Bank of Scotland Ross McEwan has been appointed to the role of group CEO and managing director.
Mr McEwan has been CEO of the Royal Bank of Scotland since 2013 and led the bank through significant change and recovery.
Mr McEwan will start at NAB no later than April 2020 when his obligations to RBS are wrapped up and will be invited to join the board of NAB at that time.
NAB has announced that his remuneration package will be fixed at $2.5 million with both an annual variable reward as well as long-term variable rewards.
NAB chairman-elect Philip Chronican said NAB was pleased with its appointment of Mr McEwan given his long-standing knowledge of the banking industry.
“Ross McEwan is the ideal leader for NAB as we seek to transform our operations and culture firmly around leading customer service, experience and products,” Mr Chronican said.
“Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers. RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation.”
Mr McEwan who was group executive of retail banking at CBA for five years said he looked forward to returning to Australia.
“It is a privilege to return to Australia and lead NAB at a crucial time for the bank, its customers, employees, shareholders and the broader community," he said.
“There are a number of areas where NAB can extend its lead, such as business banking, agriculture and health, and other areas where I believe we should consistently lead such as customer service. We must also meet and exceed the expectations of our many stakeholders."
The new appointment means Mr Chronican will now take over Dr Ken Henry’s role as chairman in mid-November.
The board will put other interim management arrangements suitable to APRA in place if required before Mr McEwan starts.
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