NAB loses exec and gains CFO
National Australia Bank (NAB) has announced the appointment of Gary Lennon as chief financial officer, and the resignation of its group executive for finance and strategy, Craig Drummond.
Prior to this, Lennon was NAB's executive general manager finance since June 2010 and led the group's finance function globally with accountability for all finance and tax related activities for the group.
NAB Group chief executive, Andrew Thorburn, said Lennon's appointment would ensure the continuity and momentum for the company to drive forward its agenda to strengthen its Australian and New Zealand franchise.
"Gary has significant experience in banking having worked as a senior banking executive at Deutsche Bank in Japan and Australia, before joining NAB in 2008," he said.
Commenting on Drummond's resignation Thorburn said Drummond was pivotal during NAB's period of significant change.
"Over the last two and 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 said.
"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."
Following Drummond's resignation, the group strategy function will now report directly to Thorburn.
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