NAB names new CEO
Just weeks after announcing further major provisions, National Australia Bank has announced a new group chief executive to succeed John Stewart at the helm of the banking group.
The company announced to the Australian Securities Exchange (ASX) this morning that Stewart would be replaced from January 1 next year by former Bank of New Zealand chief executive Cameron Clyne, who will be chief executive designate from October 1.
Announcing the appointment, NAB chairman Michael Chaney pointed out that Clyne had been a member of the NAB Group Executive Committee for more than two years, the latter two of which he had spent working with Stewart on the bank’s strategic agenda.
Linked to the change, the head of NAB’s retail bank in Australia, Andrew Thorburn, will become chief executive of Bank of New Zealand.
The ASX announcement said that Clyne’s remuneration as chief executive designate would be a fixed total employment compensation component of $1.3 million and that his remuneration as group chief executive would rise to $2.5 million with a number of performance targets and incentives.
AUTHOR
Mike Taylor
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