Bulletin
Investor Alert

New York Markets Open in:

Feb. 7, 2019, 3:20 p.m. EST

Australia : National Australia Bank says CEO, chairman to resign after inquiry criticism

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

Feb 07, 2019 (Euclid Infotech Ltd via COMTEX) -- National Australia Bank (NAB) on Thursday said its chief executive and chairman would resign after blistering criticism from the head of a major inquiry into financial-sector misconduct.

Chief executive Andrew Thorburn and chairman Ken Henry are the first heads of one of Australia's "Big Four" banks to lose their jobs in the fallout from the Royal Commission inquiry, which exposed widespread wrongdoing in the industry last year.

The commission's final report on Monday named the two as standing out from their peers by appearing unable to learn from their mistakes.

Mr Thorburn had ruffled shareholders by planning two months of leave on either side of the Royal Commission's delivery of its final report, which was hotly anticipated as a watershed moment for the country's banking industry.

The day after the report went public, he said he was cancelling the rest of his leave and released a statement disagreeing with the commissioner's criticism of his attitude. Mr Henry also dismissed the criticism in a statement.

NAB said director Philip Chronican would serve as acting CEO. It halted trading in its shares ahead of the announcement.

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.