National Australia Bank CEO, chairman to resign on misconduct inquiry

On Thursday, National Australia Bank (ASX: NAB) announced the decisions of Chief Executive Officer Andrew Thorburn and Chairman Dr Ken Henry to leave the bank.

CEO Thorburn is expected to leave on Feb. 28, while Chairman Henry would retire from the board after a new CEO is named.

NAB Director Philip Chronican would be acting as the acting CEO from March 1.

Thorburn said, “I have had a number of conversations with the Chairman this week. 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.”

“As CEO, I understand accountability. 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 recognize 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,” he added.

NAB is one of Australia’s “big four” banks, and it has been hit by a Royal Commission inquiry that alleged financial wrongdoing in the industry last year.

The commission’s report was out of Monday and it named the two outgoing executives in regards to the inquiry.

National Australia Bank had halted the trading on the ASX before the official announcement.

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