Powered by MOMENTUM MEDIA
subscribe to our newsletter

New NAB chairman named

The big four bank has announced that its current interim group CEO has been unanimously appointed as the bank’s next chairman.

The National Australia Bank's (NAB) board of directors announced that the current director and interim group chief executive officer, Philip Chronican, is to be the next chairman of NAB.

Mr Chronican’s appointment was unanimously supported by directors at a scheduled board meeting in Melbourne.

He will replace Ken Henry AC as chairman “later in 2019”.

Speaking of the news, NAB director David Armstrong, who led the committee recommending the new chairman, said Mr Chronican’s experience and knowledge of the challenges and opportunities facing NAB made him an ideal and obvious candidate.

Advertisement
Advertisement

“Phil has been an outstanding director for NAB and has a deep, extensive background in Australian financial services.

“Phil told the board that he did not intend to be considered as a candidate for the CEO role, enabling us to move quickly to appoint him as chairman,” Mr Armstrong said.

“We considered a range of internal and external candidates and Phil was simply the most outstanding candidate. This will provide certainty to the market and our shareholders and will simplify the search and recruitment process for a new CEO.”

Mr Armstrong thanked Mr Henry for his “leadership while chairman and during his time on the board”.

“Ken has made a significant contribution to NAB and corporate Australia, just as he did during his distinguished career as a senior public servant,” he said.

PROMOTED CONTENT


Mr Chronican, who commenced in the role of group CEO on 1 March 2019 and has been a NAB director since May 2016, said he was privileged to be succeeding Dr Henry as chairman during “a critical period for the bank and broader industry”.

“Much needs to change in a meaningful way at our bank. We have unfortunately been found wanting in too many areas when it comes to our customers, and I am determined to ensure that change happens to ensure we meet and exceed their expectations,” Mr Chronican said.

The incoming NAB chairman has previously been the chairman of the board’s risk committee and a member of the remuneration committee. He was also a director of BNZ (a subsidiary of NAB).

With more than 35 years of experience in banking and finance in Australia and New Zealand, Mr Chronican has also previously held roles at ANZ, with specific responsibility for ANZ's retail and commercial businesses, had a long career at Westpac (including chief financial officer) and is currently a director of NSW Treasury Corporation (TCorp) and The Westmead Institute for Medical Research (chairman).

Outgoing chairman Dr Henry commented: “I have found Phil to be a thoroughly valuable director and he will make an excellent chairman.

“I wish him and the board well for the future once he assumes the position.”

[Related: Major bank chairman and CEO step down]

New NAB chairman named
NAB
mortgagebusiness

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

A report has found that property investor enquiry spiked and first home buyer enquiry faded on the realestate.com.au website compared with ...

The government has bumped up funding for the regulation of super funds, ahead of its incoming Your Future, Your Super reforms. ...

New home sales tumbled in April as the HomeBuilder scheme concluded but a significant volume of building work is set to commence in 2021, ac...

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.