Let’s see what this big four bank has announced this morning.
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The National Australia Bank Ltd (ASX: NAB) share price is on the move today after the banking giant released a major update on its leadership.
At the time of writing, the bank’s shares are up 1% to $33.65.
NAB share price higher on leadership update
This morning, NAB announced a number of changes to its Executive Leadership Team.
According to the release, Andrew Auerbach, an experienced business and wealth banker from Canada, will join NAB as Group Executive, Business & Private Banking (B&PB) on 16 June.
Rachel Slade, currently Group Executive B&PB, will leave NAB on 1 July, allowing for a transition period.
In other news, Nathan Goonan has resigned as group Chief Financial Officer (CFO). He will leave NAB later this year after meeting his contractual obligations.
Temporary changes
In response to the above, NAB’s CEO, Andrew Irvine, revealed a number of transition arrangements that will come into place from Tuesday 18 March.
Michael Saadie, currently Executive, Private Wealth and CEO of JB Were, will be acting as Group Executive B&PB until Mr Auerbach starts at NAB.
Shaun Dooley, currently Group Chief Risk Officer (CRO), will be acting as Group CFO while NAB recruits a new Group CFO. And Peter Whitelaw, currently Executive, Chief Resilience Risk Officer, will be acting as Group CRO.
NAB CEO Andrew Irvine said:
NAB has good business momentum and is executing a clear strategy based on being better for customers and our colleagues. We have great talent and leadership across the bank and I’m confident we will maintain momentum while we embed these changes.”
Auerbach’s arrival
The company spoke very positively about the appointment of Andrew Auerbach.
It highlights that Mr Auerbach spent more than 21 years in senior executive roles with the Bank of Montreal (BMO) in Canada, including alongside Mr Irvine. During his career he has worked closely with business owners and entrepreneurs delivering strong customer and commercial outcomes.
On leaving BMO, in 2023 he co-founded and is CEO of Canadian wealth management firm Delisle Advisory Group. He will end his involvement with Delisle before joining NAB. Though, this appointment is subject to regulatory approvals.
Speaking about the appointment, Irvine said:
Andrew will be a tremendous addition to the NAB team and a strong leader for our leading business bank as we continue to execute our strategy and drive performance in a competitive environment. In particular, he brings a strong track record of improving both customer experiences and financial performance.
Commenting on the exits of Rachel Slade and Nathan Goonan, the company’s leader added:
Rachel and Nathan have been dedicated to NAB, very supportive of successive Group CEOs and focused on customers every day. I have appreciated their support in our time together and wish them well for the future.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.