Two NAB executives to step down
National Australia Bank (NAB) has announced that its deputy chief executive, Michael Ullmer, and the UK chief executive, Lynne Peacock, will be stepping down later this year.
The bank stated Ullmer, who would leave the group at the end of August, will not be replaced and that he will also resign as a director of NAB.
Ullmer joined NAB in 2004 as finance director and became deputy chief executive officer in 2007. He said he wished to move on to the next phase of his career.
Peacock, who led the UK business for seven years, intends to step down in July, with David Thorburn to be appointed as chief executive officer designate of UK banking. Thorburn would also join the group executive committee in July this year.
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