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National Australia Bank president Ken Henry and chief executive Andrew Thorburn will both be leaving the bank. Phil Chronican, member of the board of directors, will badume the duties of general manager.
Thorburn will leave the bank at the end of the month, while Henry, a former treasury secretary, will retire when the bank has appointed a permanent general manager.
The announcement of the shock comes after the NAB on Thursday afternoon has called for a halt in negotiations "pending a NAB announcement regarding changes to management".
JESSICA HROMAS
Andrew Thorburn, CEO of National Australia Bank, had a difficult week. He is leaving the bank at the end of the month.
Thorburn said he was talking to Henry this week and acknowledged that the bank had "suffered damage" as a result of the royal commission's final report, in which he and Henry were singled out for their virulent critics.
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As CEO, I understand the responsibility. I've always tried to act in the best interest of the bank and
clients and I know that I have always acted with integrity, "he said in a statement.
MORNING / RNZ REPORT
A Royal Commission on the Australian banking sector reported 24 cases of potential criminal behavior by banks to prosecutors.
"However, I acknowledge that there is a desire for change." As a result, I spoke with the board of directors and offered to resign from my position as CEO, and they accepted my offer "said Thorburn.
Chronican, former senior banker of ANZ and Westpac, will be acting general manager from March.
Thorburn and Henry were mentioned in the Royal Commission's final report on Monday, noting that they had not learned the lessons of past misconduct in the NAB's wealth management group.
In the midst of growing speculation, critics could cost Thorburn his job, the CEO this week, claimed that the bank had not been dishonest in a scandal that NAB would receive $ 100 million in fees ($ 105 million ) without providing service in return.
Thorburn has canceled plans to take long-term leave to deal with the fallout from the royal commission. On Tuesday, he declared that he enjoyed the full support of the board of directors.
Separately, Sydney Morning Herald and L & # 39; age The former Thorburn chief of staff was allegedly involved in an alleged fraud involving large-scale fraud. Insiders described a culture of extravagant largesse and extravagance in his office, calling into question the supervision of his executive.
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