"RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation.". Also departing NAB is chair, Ken Henry, who will step down from the board once the new CEO has been appointed. Real-time discussion about Nabis Holdings Inc. (NAB.CN) on CEO.CA, an investment chat community for Canada's small cap markets

Mr McEwan's long-term incentives are fixed at up to 130 per cent of the fixed salary over four years. Follow SBS News to join in the conversation and never miss the latest live updates.

"You know, through the royal commission, many financial institutions including NAB had some damage done to their reputation. National Australia Bank (NAB) has announced the departure of chief executive officer, Andrew Thorburn, effective 28 February 2019, following the release of the Royal Commission final report this week.

NAB appoints RBS boss Ross McEwan as CEO after five-month search. "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," Mr Chronican said in a statement to the stock exchange.

NAB was ranked 21st largest bank in the world measured by market capitalisation and 52nd largest bank in the world as measured by total assets in 2019.

But they're shrinking for every other age group, Royal commission files reveal previously unseen details about abuse by priests, Victoria may have recorded its first day of zero new cases since June 9, FIFA begins process of selecting Australian, New Zealand host cities for 2023 Women's World Cup, Partner of woman found dead on Sydney driveway charged with murder, What we know about the mute button being used at the final US presidential debate, 'If I serve my country by going to jail, gladly': Rodrigo Duterte takes blame for drug war killings, Andrew Thorburn, who was forced to resign in February this year after damning findings in Kenneth Hayne's final report, Kenneth Hayne's condemnation of the NAB's culture and leadership. By senior business correspondent Peter Ryan. Mr McEwan's appointment comes as NAB works to rebuild its reputation with consumers, governments and regulators after allegations that it engaged in potential criminal misconduct as part of the "fees for no service" scandal revealed during the royal commission. Shaw & Partners banking analyst Brett Le Mesurier also supported Mr McEwan's appointment, given the reputational damage NAB suffered from the Royal Commission. The British Government took majority ownership of RBS in the wake of the global financial crisis to save the bank from collapse, after it had overstretched itself with a rapid expansion prior to the GFC. Brett Sutton asked to provide new statement to hotel quarantine inquiry after emails contradict his evidence, Domestic violence services fear another spike in incidents this AFL and NRL grand final weekend, After a school year like no other, Year 12s in NSW have begun their HSC exams, Victorian government backflips on move allowing 1,250 people at Cox Plate horse race after heavy backlash, Young Australians are being 'aggressively radicalised' through right-wing extremism, federal police warn, Australians stuck overseas are disappointed with the government's charter flight solution, Victoria 'well placed' to ease more restrictions as state records just one new case and zero deaths, Not disclosing two crew left a COVID-hit livestock ship in WA was 'an oversight', Mark McGowan says. Despite NAB's board backing Mr Thorburn earlier this week, the CEO said he had been speaking with Dr Henry, and decided to resign because of a realisation the bank had "fallen short". Mr Triggs added Mr McEwan will bring a wealth of directly relevant banking experience. Sign up now for the latest news from Australia and around the world direct to your inbox. Speculation about Mr McEwan's possible appointment accelerated after he resigned from Royal Bank of Scotland in April this year.

Ask Amazon Alexa for the latest SBS News or listen to SBS Radio. The community also expects a higher level of accountability and transparency.". He committed a violent crime.

Over that period NAB's share price has risen a meagre 20 per cent while its big four peers have put on between 170 per cent in the case of Westpac and ANZ and 220 per cent for CBA. The NAB board will now commence the search for a new CEO "while actively considering a range of quality internal candidates," the bank said.

CEO Urban One, Inc. Emily Barr President and CEO Graham Media Group Pat LaPlatney President and Co-CEO Gray Television: Gordon H. Smith President and Chief Executive Officer NAB Margaret L. Tobey Senior Vice President, Regulatory Affairs NBCUniversal Ralph M. Oakley President and CEO Quincy Media, Inc. Perry Sook Chairman, President & CEO However, I recognise there is a desire for change.

Kenneth Hayne's condemnation of the NAB's culture and leadership ended Andrew Thorburn's career and precipitated Dr Henry's retirement as chairman after damaging performances under questioning from senior counsel assisting the commission Rowena Orr QC. Mr McEwan will become NAB's sixth CEO — including the current acting CEO Mr Chronican — in the past two decades. National Australia Bank acting chief executive Phil Chronican, who succeeds Dr Ken Henry as chairman in November this year, praised Mr McEwan's long-standing knowledge of Australian banking.

Mr McEwan's pay deal is lower than his predecessor, with a fixed salary set at $2.5 million a year with the ability to earn a short-term bonus of up to 150 per cent. NAB chairman Ken Henry (centre) will play no role in finding a successor for Andrew Thorburn (right) (AAP). Mamer came to Australia as a refugee. National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia in terms of market capitalisation, earnings and customers.

Commenting on his departure, Thorburn said: “I acknowledge that the bank has sustained damage as a result of its past practices and comments in the Royal Commission’s final report about them ... As CEO, I understand accountability. Also departing NAB is chair, Ken Henry, who will step down from the board once the new CEO has been appointed. Mr Thorburn sacrificed about $20 million in bonuses by quitting, with the bank confirming he would forfeit all his unvested performance-related awards. The NAB board will now commence the search for a new CEO "while actively considering a range of quality internal candidates," the bank said. He was appointed to his current role in August 2014. SBS acknowledges the traditional owners of country throughout Australia. The final report - made public two weeks ago - expressed serious concerns about the pair's leadership of the bank and failings that included charging fees for no service. "We had viewed Mr McEwan as the preferred of two main likely external candidates for the role and we believe his appointment should give the market additional confidence in NAB's medium and long term outlook," Mr Triggs wrote in a note to clients. Watch SBS World News live daily at 6:30pm on TV and on our app.

... Mr McEwan will become NAB's sixth CEO — including the current acting CEO Mr Chronican — in the past two decades. National Australia Bank has had more misfortunes than its big four rivals over the past two decades, many self-inflicted.

AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), NAB boss Thorburn picks up $1m on his way out, but leaves plenty on the table, NAB entrenches itself as Australia's most accident-prone bank as it sets off up a mountain, 'Deeply sorry': NAB bosses resign, admitting the bank failed customers, Soldier's PTSD was among worst psychiatrist had seen prior to taking his own life, inquest hears, 'It was a mistake': Victoria's Racing Minister forced to back down on Cox Plate attendees, Footballer who 'didn't remember' dragging nurse down Melbourne laneway not guilty of sex crime, Police handed information on claims Vatican sent $1m to Australia in relation to Pell abuse trial, Danish submarine killer Peter Madsen caught after breaking out of prison, Sutton was emailed about use of private security in hotel quarantine, Lambie unfair dismissal case hears allegations of 'vile, profane, vulgar' language, sex talk in office, Famous cattle station once owned by Kerry Packer earmarked for massive solar farm, Fishing crews quarantined in New Zealand hotel test positive to coronavirus, Jobs for workers under 20 are on the up. Catch up on SBS On Demand. Download our free app on the App Store or Google Play for the latest headlines and breaking news alerts. The bank has formed a CEO selection committee chaired by director Ann Sherry, with a second committee led by director David Armstrong to manage the search for Dr Henry's replacement.

Source:AFP New Zealand born, Mr McEwan announced his resignation in April from RBS, which he had led since 2013. While the search is underway, current NAB director, Philip Chronican, will step up as acting CEO. Phil Chronican takes over as interim chief executive on March 1 and will be paid $150,000 a month. I have always sought to act in the best interests of the bank and customers and I know that I have always acted with integrity.

Mr McEwan, currently the outgoing chief executive of the Royal Bank of Scotland, replaces Andrew Thorburn, who was forced to resign in February this year after damning findings in Kenneth Hayne's final report. NAB's Andrew Thorburn, Ken Henry resign, Phil Chronican named acting CEO, NAB CEO and chairman announce resignations.

Thorburn joined NAB in 2005 as head of retail banking and was appointed managing director & CEO of Bank of New Zealand in October 2008.

Please select the editions you would like to sign up to. New Zealander Ross McEwan will take over as NAB CEO no later than April.

The appointment of Mr McEwan — who turned around Royal Bank of Scotland in the wake of the global financial crisis — heralds a critical new era for the National Bank, as regulators make the case for potential criminal prosecutions against senior bankers.

Washington, D.C. – NAB President and CEO Gordon Smith today issued the following letter to the NAB Show community regarding plans for NAB Show in light of coronavirus concerns: Dear NAB Show community, As you know, we have been carefully monitoring coronavirus developments both domestically and globally over the past few weeks. Mr Thorburn will receive $1.04 million in lieu of 26 weeks' notice when he steps down at the end of the month.

NAB has removed Ken Henry from the decision-making process in the search for a new chief executive. NAB has removed Ken Henry from the decision-making process in the search for a new chief executive. The appointment comes after a global search, with NAB's head of business banking Anthony Healy seen as the most likely internal contender.

Mr McEwan announced his resignation from RBS in April 2019 and will start with NAB once his obligations to his current employer have been discharged, no later than April 2020. NAB chair sidelined from CEO search NAB chair Ken Henry, who also came in for a special and uncomplimentary mention, said he would leave the bank once … While the search is underway, current NAB director, Philip Chronican, will step up as acting CEO.

Register to receive weekly and monthly newsletters on the People and Products in institutional and retail finance. JP Morgan bank analyst Andrew Triggs said the market should welcome Mr McEwan's appointment.

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