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Feb. 8, 2019, 3:18 p.m. EST

Australia : National Australia Bank shares fall after CEO Thorburn departs

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Feb 08, 2019 (Euclid Infotech Ltd via COMTEX) -- National Australia Bank Ltd shares fell after the chief executive officer and chairman both resigned, becoming the highest-profile casualties of a sweeping inquiry into misconduct in the country's financial industry.

Andrew Thorburn, 53, and chairman Ken Henry, 61, announced their departures late Thursday, just days after being the target of withering criticism in the Royal Commission's final report, which questioned whether they were capable of leading the lender's response to a string of scandals.

The stock declined as much as 1.2 per cent in early Sydney trading, and was down 13 cents to A$24.80 at 10.10am local time.

Mr Thorburn's replacement will have to restore customer trust in the lender and steer it through a tougher landscape of falling earnings, a sinking housing market and rising funding and compliance costs. They will also inherit Mr Thorburn's overhaul of the bank, including the elimination of 4,000 jobs and increased spending on technology and process-automation.

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