In a statement to the ASX, Mr Thorburn will finish at NAB on 28 February, while Dr Henry indicated he would retire from the board once a new permanent chief executive had been appointed.
The NAB board said it will initiate a global search process for the chief executive role while actively considering a range of internal candidates.
In addition, it has asked director Philip Chronican to service as acting chief executive effective from 1 March until an appointment is made.
Mr Thorburn said it has been an honour to be the chief executive of NAB, and to have been part of NAB since 2005.
“I acknowledge that the bank has sustained damage as a result of its past practices and comments in the royal commission’s final report about them,” Mr Thorburn said.
“I have always sought to act in the best interests of the bank and customers and I know that I have always acted with integrity.
“However, I recognise there is a desire for change. As a result, I spoke with the board and offered to step down as CEO, and they have accepted my offer.”
Dr Henry said the board had recognised that change was necessary.
“The timing of my departure will minimise disruption for customers, employees and shareholders,” he said.
“This is naturally a difficult decision but I believe the board should have the opportunity to appoint a new chair for the next period as NAB seeks to reset its culture and ensure all decisions are made on behalf of customers.”
Mr Chronican said he was privileged to have been asked to step in as acting chief executive while the board selected a replacement.
“I recognise the important responsibility in stepping into this role at a difficult time for NAB,” he said.
“I am confident in our existing strategy to transform the bank to be better for customers and will work with everyone at NAB to earn the trust and respect of the community.”
Today’s news, tomorrow’s fish and chip wrapper
So, Ken Henry steers Australia around the GFC… but is now out of the financial services industry because he didn’t apologise enough one day in November. That’s a great result. The last thing we want is really smart economists running our banks.
Well played Hayne, Orr and the media.
The same Hayne who cultivated his image of being better than the rest by refusing to shake the Minister’s hand – but made sure he showed up to the photo shoot so that his nobility could be recorded. What a pity that we could not find a humble Commissioner and counsel assisting, who might have simply asked intelligent questions and then engaged with the answers. That commissioner could have provided a blueprint for how to simplify a ridiculously over-complicated system.
If your analysis takes 950 pages, you haven’t really understood.
Agreed.
But Henry did act like a pompous twat in the witness box with zero contrition and deserved to go for not understanding or wanting to accept the significant NAB problems
Henry was one of the only ‘retail’ witnesses who stood up to the bullies. It was so one sided.
Wrong. He did understand the problems. It is the lawyer and the commissioner who couldn’t understand his answers. The ‘Royal Commission’ was more a Royal Gala Performance and Henry did not play the villain role assigned to him. Any open minded person who spent a day inside the court room would be shocked at how contrived this all was.
What about the rest of the NAB board? They’re just as responsible as Thorburn and Henry.
The execs all get paid/paid out. Their decisions destroy the lives of business owners and consumers, but they suffer no personal loss. Planners now drown in compliance and many will go broke because of decisions made by executives and Government employees who don’t get the real issues. The consumer suffers as a result. Who is going to help the average mum and dad? Advisers now can’t afford to. Maybe the banks and Industry Funds? Sad.
Yep too hard to really deal with the Big Bank issues so let’s attack again the low hanging fruit of Financial Advisers and Mortgage Brokers.
Same same as last 20 years.
And to think at some stage in the RC Advisers actually hoped the Big guys may cop it.
Sadly that was a silly thought.
Long live Big Bank executives, CEO squillions and get stuffed mums and dads needing good advice
The disgraceful thing is, NAB only made this move because it was media driven… NAB/CBA/AMP dont have the integrity to make these calls on their own, precisely because they are all thick as thieves at the top.
The Financial Advisers are the ones who get an ASIC EU and are unemployable in Fin Services again. These execs more on with their impressive resumes to the next Finance co.
:roll::roll::roll: Oh don’t you love this stuff , bankers are the best game in town . Don’t take them seriously Bring back Ahmed Fahour !!! Remember him 2 CEO ‘s ago at NAB , paid him a whopping $30 million sign on fee and left 4 years alter with his tail between his legs !!! . Makes you wonder who is employing these people . Financial planning customer interface experience ??? Zilch ………let the games continue .
Have a look at this video to show the reason what has just happened to our industry: https://www.themercury.com.au/news/national/morrison-colluded-with-banks-to-water-down-banking-royal-commission-sally-mcmanus/video/5660efd9a7ce656dffaa64759802eb78
thank you for sharing. everyone please watch it.
What job is Kelly O’Dwyer getting at NAB?
Ha. offered to step down. pffft. got punted by the board and rightfully so but they are all as bad as each other
CFS would sacrifice anyone to save face. When will their management fall on their swords?
Can someone please tell me, is this Ken Henry CEO the same Ken Henry that was a govt employee when our industry was subject to him and his whims in the inquiry during or just before FOFA? Was he the guy?
Squeaky_1,
Do three seconds of research and let us all know.
If you are too lazy to do that, do you think you are intelligent enough to be employed anywhere in any capacity.
Let me know at your earliest inconvenience.
With respect,
i cant believe this comment from Anonymous ‘zero’ wasnt filtered. Comments like that are uncalled for. Thanks for adding so much intelligence to the discussion. I think Squeaky’s comment was largely rhetorical…maybe look that one up Zero.
Sniper,
Stop thinking and believing.
Same dude. Conflicts abound everywhere yet the only ones to get punished are planners
yes
Whats the bet they don’t turn up running at an advice practice….ducks…oooh, spelt that wrong.
A short break and then off to AMP, ANZ, IOOF, take your pick.
No, gone from Australia and NZ.
Pretend consulting to moronic companies now. After some belated (long service) leave.
winners and grinners a nice pay day no doubt – off on holidays then a new gig!!!!!
exactly…these execs just cant lose…i found NAB/MLC and CBA just the most arrogant organisations to deal with professionally. Just thought they were superior and would make demands of other (unrelated) organisations like they were ASIC or something. Anyhow, cant wait for the clean out of CBA, Marianne Perkovic and co. Just wish they would be banned from the industry rather than using their ‘impressive’ resume to make a $1m salary at the next Fin Services co.
yes, Marianne besides a pretend, ”I wish I could have done more…”, has been well hidden away despite being in the line of fire. Heading over the trench, she was shoved well back to the rear. Many have noticed, many are not surprised. Marianne is a koala bear.
thick as thieves at CBA. I suppose NAB making these guys fall on their swords is media driven..they wouldn’t have done it otherwise. So sometimes the media does some good. Not that i have anything against Henry personally, dont know him, but when a ship hits a reef, its the leaders that must walk the plank, not the guys in the engine room.
advisers can get banned for not providing an SOA so why cant these donkeys for ripping off the whole country. The whole system is corrupt
Yes, recycling of problematic Execs has happened in the past and it’s woeful. However, this time around, I think the careers of all these people are probably over given the very wide public exposure. Who would take them now? I think it’s either retirement or a Jim’s Mowing franchise at best. A broom through CBA is surely coming as well.