By Millie Muroi
National Australia Bank has announced that chief executive and managing director Ross McEwan will step down from the role in April after nearly five years in the role.
McEwan will be replaced by NAB executive Andrew Irvine, who has been leading the lender’s business and private banking since 2020. Irvine will commence in the new role on April 2.
Prior to joining NAB, Irvine was head of Canadian Business Banking at the Bank of Montreal, Canada’s oldest bank and one of its largest financial institutions.
NAB chair Phil Chronican praised McEwan, who joined the bank at the end of 2019 with a mandate for change in the wake of the banking royal commission, following the exit of the bank’s then-chief executive Andrew Thorburn and chairman Ken Henry.
“Ross has been exactly the CEO we needed. He came in at a critical time with significant international experience and expertise,” Chronican said. “He has been a stabilising force for NAB and the industry, and we wish him well for the future.”
Irvine was the ideal choice to succeed McEwan after a lengthy assessment process, given his success leading the nation’s largest business bank franchise and his international experience, he said.
“Andrew is well suited to take NAB into its next chapter of growth and performance for our customers, colleagues and the communities we serve,” Chronican said.
Irvine will receive fixed remuneration of $2.5 million a year, including superannuation, and will also assume McEwan’s position of chair of the Australian Banking Association on behalf of NAB.
McEwan will retire and cease employment from NAB on July 1 after leaving the managing director and chief executive role on April 2, and following a transition period.
NAB said a new business and private banking group executive would be selected in due course.
More to come
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Source: Thanks smh.com