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NAB, CBA confirm head of broker changes

The heads of broker distribution at two major banks have left their roles, with acting heads moving to head up the channel in the interim.

The Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) have both announced that the leaders of their broker distribution teams have stepped down from their positions.

Phil Waugh leaves NAB to lead Rugby Australia

Phil Waugh, the executive for broker distribution at NAB, will be leaving his position to take up a new role as the new chief executive of Rugby Australia.

Mr Waugh, a former Wallabies star who has been a non-executive director of Rugby Australia for the past five years, will commence his new role as Rugby Australia CEO on 6 July.

As such, he has stepped down from his role as executive, broker distribution — a position he has held since 2021.

NAB’s executive for home lending, Andy Kerr, commented: “I am very grateful to Phil and everything he has achieved in his time at NAB.

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“Over the last two years under Phil’s leadership, NAB has transformed its position as the ‘Bank behind the Broker’ with fast, consistent service and strong relationships which are now the cornerstone of our customer experience.

“Phil has been a key part of our broader technology transformation and has led the market launch of Simple Home Loans through our broker channel, giving brokers and purchasers faster approval and even greater certainty through the settlement process.

“Through Phil’s leadership we now have a real advantage in the market and a dedication to broker service that is now delivering us consistent wins in our broker business. Thank you Phil and congratulations from all of us at NAB.”

Mr Kerr added that, in the interim period, NAB’s executive for broker experience, Adam Brown, will step into the role and “continue to lead the team strongly”.

Mr Brown has worked at NAB for the past 16 years in a range of roles covering sales and distribution, business operations, risk management, and technology.

Mr Kerr said: “Adam is well known in the broker industry and has led the Advantedge business for many years, with standout broker advocacy and a focus on customer service.

“Adam is well placed to continue the NAB’s transformation of broker experience.”

Adam Croucher departs CBA

Meanwhile, CBA has also revealed that its general manager for third-party banking, Adam Croucher, has left the bank after nearly 19 years of service.

However, the reason for his departure has not been disclosed and CBA has not issued a statement on the matter.

Razia Khan, the general manager for acquisition and retention — home buying, has stepped into the general manager, third-party banking role in an acting capacity while a search for a permanent successor is undertaken.

Mr Croucher, who took on the role as head of broker in 2019, was formerly in the role of acting general manager of broker sales. Prior to this, Mr Croucher was the third-party banking state manager for Victoria and Tasmania.

[Related: CommBank home loans grew $6.9bn in 3Q23]

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