National Australia Bank group chief executive officer and managing director Cameron Clyne will step down in August after saying the job had taken a toll on his personal life.
NAB chairman Michael Chaney made the announcement on the ASX this morning.
The NAB board has appointed Bank of New Zealand CEO Andrew Thorburn to replace Clyne from 1 August, when he will be invited to join the board. His appointment is subject to regulatory approvals.
Clyne, who has been at the bank since 2004, said leading more than 42,000 NAB employees and strengthening the culture and reputation of the organisation was the most rewarding role of his career.
But he said the job had taken a personal toll and it was now time to retire from executive life.
“We have built a strong foundation for future growth with the revitalisation of the Personal Bank, grown our already strong position in business banking, and achieved material improvements in customer satisfaction and reputation. We have also worked methodically through our legacy issues while still making transformational change in our technology.
“I am leaving to spend some much-needed time with my young family. I am proud that I leave NAB as a strong, customer-focused bank.”
Chaney said Clyne had been an exceptional leader who steered the bank successfully through the GFC and into the future.
“He is highly regarded throughout the bank and externally, and we are sorry to see him leave at this time. Cameron has built strong leadership across the organisation, a stronger balance sheet, improved the bank’s culture, enhanced its reputation and dealt with a number of legacy issues.”
Thorburn has been appointed internally and was part of the NAB group executive team that developed the bank’s strategy to build a stronger Australian and NZ franchise.
“Andrew Thorburn has done a superb job leading BNZ since 2008 where he continued to build the bank’s performance, increasing cash earnings by more than 40%, improving market share on the back of strong customer satisfaction and developing a strong leadership culture,” Chaney said.
Before being appointed BNZ CEO in 2008, Thorburn was executive general manager of retail banking at NAB for three years. He is a career banker who has spent more than 27 years working in the Australasian industry.
Thorburn’s replacement will be announced in due course, said NAB.