Powered by MOMENTUM MEDIA
subscribe to our newsletter

NAB group finance exec resigns

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

In a statement to the ASX, the major bank announced that Craig Drummond will step down from the role on 15 March.

NAB chief executive Andrew Thorburn thanked Mr Drummond for his two-and-a-half 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,” he said.

“Over the last [two-and-a-half] 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.

Advertisement
Advertisement

“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, has been 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.

[Related: Rabobank names new wholesale banking exec]

NAB group finance exec resigns

>In a statement to the ASX, the major bank announced that Craig Drummond will step down from the role on 15 March.

NAB chief executive Andrew Thorburn thanked Mr Drummond for his two-and-a-half 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,” he said.

“Over the last [two-and-a-half] 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, has been 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.

[Related: Rabobank names new wholesale banking exec]

NAB group finance exec resigns
mortgagebusiness

Latest News

The Treasurer has met with regulators to discuss the housing market and consider whether “carefully targeted and timely adjustments” ...

The major bank has once again extended its cashback and drawdown deadlines. ...

The major bank has expanded its SME Recovery Loan Scheme offer to small businesses impacted by the pandemic, effective 1 October. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

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