Executive, Finance, Government - NAB CEO & Chair Step Down
National Australia Bank (NAB) CEO Andrew Thorburn and chairman Ken Henry have resigned from the bank amid the fallout from the banking royal commission report.
"I acknowledge that the bank has sustained damage as a result of its past practices and comments in the royal commission's final report about them," Mr. Thorburn said in the statement to the ASX. "As CEO, I understand accountability. I have always sought to act in the best interests of the bank and customers and I know that I have always acted with integrity. However, I recognise there is a desire for change. As a result, I spoke with the board and offered to step down as CEO, and they have accepted my offer."
The banking royal commission's final report that was issued earlier this week singled outboth men for criticism, especially for Thorburn's apparent belief that the "fees for no service scandal" was "nothing more than carelessness". Commission head Kenneth Hayne said he had doubts that NAB had learned from its past mistakes.
Henry plans to retire from the board once a new permanent CEO had been appointed; Thorburn will finish out the month and leave on 28 February. Current NAB director Philip Chronican will step in as acting CEO from 1 March.