New NAB CEO expands responsibilities

In what represents a substantial broadening of focus, the new chief executive of National Australia Bank, Cameron Clyne, will take on the combined group and Australian region chief executive roles.

Clyne, who is the chief executive officer designate, announced to the Australian Securities Exchange today that effective from January 1, next year, the group and Australian region chief executives roles would be integrated into a single role, which he would fill.

Explaining the move, Clyne said over the past three months he had been meeting and listening to a wide range of the group’s stakeholders and also assessing current market conditions.

“My decision to expand the role of group chief executive to include responsibility for the Australian-based business has a very simple objective,” he said. “I want to be closer to customers, employees and those leading our various Australian businesses, as they represent a significant majority of group revenue and profit.”

Clyne said this would not lessen the bank’s focus on its offshore operations, such as the Bank of New Zealand and the Clydesdale and Yorskshire banks.

He said as a result of the change, Ahmed Fahour would move to a group role and, as an executive director, remain a member of the Principal board and work with Clyne and other key executives.