Finance Finance News New NAB boss swings axe

New NAB boss swings axe

A National Australia Bank branch in Canberra
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New NAB boss Andrew Thorburn has shaken up the bank’s executive team in his first day on the job.

NAB’s chief risk officer, Bruce Munro, will retire after 40 years with the company while business banking chief Joseph Healy and enterprise services and transformation boss Lisa Gray will also leave the company.

Meanwhile, Angela Mentis will become group executive, business banking, and Anthony Cahill will lead the company’s products and markets division.

David Gall has been appointed chief risk officer, while Renee Roberts will head enterprise services and transformation. NAB’s executive in charge of finance is Craig Drummond, Group Executive Finance & Strategy.

Mr Thorburn has taken over as chief executive from Cameron Clyne, who stepped down on Thursday.

He said the shake-up was part of a move to improve the performance of NAB, which has long dragged behind its big four rivals.

“Selecting a leadership team is one of the biggest decisions a CEO makes, and I have taken the time since my appointment was announced in April to consider who are the best people to take NAB forward,” he said.

“I have worked closely with Angie, David, Renee and Antony and, as well as possessing deep banking experience and functional expertise, they have a clear customer focus and a desire and energy to work with the entire Group Executive Leadership Team to make NAB Australia’s most respected bank.”