The National Australia Bank yesterday revealed a couple of significant senior management changes in a statement to the ASX.
The biggest of these was a new chief executive for its UK operations after current CEO Lynne Peacock said she would step down.
Ms Peacock will vacate her role as CEO of NAB’s Clydesdale and Yorkshire banks in July, and be replaced by the current chief operating officer David Thorburn.
Mr Thorburn will also be appointed to NAB’s group executive committee from July 1.
NAB chief executive Cameron Clyne thanked Ms Peacock for her work "during very challenging times" and congratulated Mr Thorburn on his appointment.
"He is an outstanding executive with extensive UK business and retail banking experience coupled with excellent leadership qualities," Mr Clyne said.
NAB’s deputy chief executive officer Michael Ullmer is also stepping down on August 31, and will also resign as a director of NAB.
His position will not be replaced.
Nab shares rose 7c to $24.35 yesterday.
The changes came a day after the Commonwealth revealed a new head for its ASB subsidiary in New Zealand.
CBA CEO Ralph Norris said that Group Executive Human Resources and Group Services Ms Barbara Chapman has been appointed Chief Executive and Managing Director of the Group’s New Zealand subsidiary, ASB Bank.
Ms Chapman is also being appointed a non-executive Director of the Group’s New Zealand life insurance business, ASB Group Life Limited (Sovereign), and as CEO of ASB will remain a Group Executive of the Commonwealth Bank.
For her it represents a return to NZ and the ASB, plus Sovereign where she ran the business at one stage in her career.
The CBA also revealed that it had appointed Target CEO Launa Inman as a director.
CBA shares were up yesterday, rising 25c to $50.
