NAB has announced a wide-ranging organisational restructure, with long-serving group executive Steve Tucker to depart under a raft of changes to the executive team.
In a statement, NAB group chief executive Cameron Clyne praised Tucker's run at the helm of MLC, singling out his commitment to transparency and customer orientation. “Steve has given 25 years of service to MLC and NAB, including almost nine years as CEO of MLC, and has led the way in championing greater transparency and fairness which has provided benefits for all customers across the wealth industry, not just our customers,” he said.
Clyne went on to say the changes would “reduce complexity and duplication across NAB, provide a better, simpler and easier-to-access product suite, provide more straight-through processing as well as ensure the more effective use of data and analytics to provide the right solutions for customers at the right time.”
In an update to the Australian Securities Exchange, NAB said Tucker will depart the company after 25 years, with his role to be taken by Andrew Hagger, currently group executive, people, marketing and communications.
Current group executive of wholesale banking, Rick Sawers, will take the role of group executive, product and markets. Lisa Gray, currently group executive, personal banking, will take on the new role of group executive, enterprise services and transformation.
Group executive, group business services, Gavin Slater, will now take on the role of group executive, personal banking. Joseph Healy will remain in the role of group executive, business banking, with the additional responsibilities of Asia, private banking and financial institutions group.
Michaela Healey, currently group executive, group governance and legal, will take on the expanded role of group executive, people, communications and governance. Bruce Munro will continue in his role as chief risk officer, while Andrew Thorburn, currently responsible for NZ Banking will also remain in his role.
NAB also announced Mark Joiner, executive director, finance, would retire by the end of 2013 with a search for a replacement to be conducted both internally and externally, although the intention is for him to continue as chairman of JBWere.
The changes will take effect from April 2013 “to enable an orderly transition”, with any changes to NAB’s financial reporting not expected to take effect until the 2014 financial year.
Advisers need to ensure they don’t get too caught up in regulatory changes and forget about their current obligations, ...
Andrew Bragg has called for close scrutiny of the regulatory architecture, partly inspired by the rocketing ASIC levy ...
The company, which was haemorrhaging close to $100 million before tax just three years ago, has successfully navigated ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin