Outgoing National Australia Bank (NAB) chairman, Ken Henry will not be a member of the board committee which selects the bank’s new chief executive or his replacement as chairman.
NAB revealed Henry’s absence from the selection committee to the Australian Securities Exchange (ASX) today at the same time as confirming that exiting chief executive, Andrew Thorburn would receive a payment of $1,041,449 in lieu of 26 weeks’ notice along with accrued entitlements.
However, it said that Thorburn’s unvested deferred awards would be forfeited in accordance with plan rules.
NAB’s interim chief executive, non-executive director, Phil Chronican will receive a fixed monthly fee of $150,000 including superannuation, representing annualised remuneration of $1.8 million and will not receive non-executive director fees in the role.
The selection committee to recruit a new chairman will be chaired by director, David Armstrong while the CEO selection committee will be chaired by Ann Sherry.