National Australia Bank has appointed Ross McEwan as its group chief executive officer and managing director.
McEwan was formerly group executive of retail banking services at Commonwealth Bank and then chief executive of Royal Bank of Scotland (RBS) from 2013.
He announced his resignation from RBS in April 2019 and will start at NAB no later than April 2020, subject to regulatory approval.
The appointment meant Philip Chronican will transition from interim CEO, a role he had held since March 2019 following the resignation of Andrew Thorburn, to chairman in mid-November 2019 replacing Ken Henry.
Chronican said: "Ross McEwan is the ideal leader for NAB as we seek to transform our operations and culture firmly around leading customer service, experience and products. Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers. RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation."
McEwan will receive a fixed remuneration of $2.5 million per annum (inclusive of superannuation and any salary sacrifice arrangements) and potential to earn between 0 per cent and 150 per cent of fixed remuneration in annual variable reward which Chronican said was "appropriate" relative to international and domestic peers.