Executive, Finance - Ross McEwan To NAB
National Australia Bank has appointed former Royal Bank of Scotland head Ross McEwan as its new Chief Executive. The veteran executive will take the helm as NAB seeks to stem fallout from the financial services royal commission.
Mr. McEwan will replace Andrew Thorburn, who stood down in February because of the commission's report, which detailed NAB's role in charging customers fees for services never performed. NAB moved Phil Chronican to acting Chief Executive during the search for a permanent replacement. Mr. Chronican will succeed Ken Henry as chairman in November, and praised the choice of McEwan:
"RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation," Chronican said.
"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 in a statement to the stock exchange. "Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers."