By Ross Kelly
NATIONAL Australia Bank (NAB) has appointed former Citigroup chief executive Ahmed Fahour to the newly created role of chief executive officer Australia along with former Commonwealth Bank executive Michael Ullmer as its new chief financial officer.
The two appointments are part of NAB’s ongoing senior management restructure. For Fahour, it follows his resignation as chief executive and chairman of Citigroup Australia and New Zealand last week, after less than six months in the role.
“This is an important step toward rejuvenating the National and placing it on a path to sustainable growth in shareholder returns,” NAB chief executive John Stewart says.
As part of a four-year contract, Fahour will be responsible for converging the bank’s core business operations — financial services Australia, the Australian components of the corporate and institutional bank and the Australian operations of wealth management.
Michael Ullmer takes up the chief financial officer position after working for close to seven years in various group executive positions at CBA.
“Michael brings more than 30 years experience in financial services to his role as CFO and has a strong track record for delivering superior returns to shareholders.”
NAB chairman Graham Kraehe says the bank will announce further non-executive appointments in the near future.
