The National Australia Bank's group executive for finance and strategy has resigned after 2.5 years in the role.
NAB group executive, finance and strategy, Craig Drummond will be replaced by Gary Lennon as chief financial officer.
In a statement to the ASX this morning, NAB chief executive Andrew Thorburn thanked Mr Drummond for his 2.5-year tenure, which saw him involved in the bank's exit from the UK and the sale of its life insurance business.
"It is with disappointment that I announce Craig Drummond's resignation. I am incredibly appreciative of what he has done for NAB. During Craig's tenure, NAB has been through a period of significant change, and Craig has been pivotal to this," Mr Thorburn said.
"Over the last 2.5 years Craig has led NAB's exit of Great Western Bank, the sale of the UK Commercial Real Estate and SGA portfolios, the 80 per cent sale of the life insurance business, the demerger and IPO of CYBG and the largest capital raising in Australian corporate history.
"He has also been instrumental in the implementation of NAB's Performance Unit framework, which has led to greater transparency and alignment across our organisation," Mr Thorburn said.
At the same time, NAB announced that the bank's executive general manager for finance, Gary Lennon, had been appointed to the CFO role.
"Following the resignation of Mr Drummond, the Group Strategy function will now report directly to Mr Thorburn. Gary Lennon will commence in the role of chief financial officer on 15 March 2016, which will also be Mr Drummond's final day at NAB," the ASX statement said.
Two of the big four banks are now forecasting another rate cut at the RBA’s Oc...
The corporate regulator has roughly halved the number of individuals it has bann...
Lifespan Financial Planning has rolled out a suite of managed discretionary acco...