MLC loses head in NAB restructure

National Australia Bank (NAB) today announced the departure of MLC chief executive Peter Scott after six years in the role as the bank moves to adopt a more regional business structure under new chief executive Ahmed Fahour.

The head MLC role in Australia will no longer have responsibility for the wealth management group globally, instead each regional head of wealth management will now report to their respective local representative of the bank.

Meanwhile, MLC chief executive retail investments Steve Tucker will, in part, replace Scott in the new role of MLC Australia chief executive.

Scott, who will remain with the group until early 2005, has been at MLC for eight years after retaining his position at the helm of the wealth management group when NAB bought it from Lend Lease in April 2000 for $4.5 billion.

“I am looking forward to a break. During this time I will be reviewing my options and opportunities that exist in the market place,” Scott said.

Other announcements by Fahour today included two other key management changes within MLC, which the bank says are in line with the move to integrate MLC into the new regional structure of the organisation.

MLC advice solutions chief executive Matt Lawler takes on a new mandate as head of financial planning and third party distribution, while financial services risk management general manager Bob Brice has been appointed, albeit in an acting capacity, as chief risk officer Australia.

Tucker, who has been with MLC for the past 16 years, will step into his new role as head of MLC Australia immediately.

“Having made the required executive appointments to integrate our corporate banking and our wealth management operations with our retail banking business, we expect to complete our new regional business structure in the next few weeks,” Fahour said.