NAB chief executive Andrew Thorburn and chairman Ken Henry are stepping down, becoming the highest-profile banking casualty of the financial services royal commission.
NAB shares were placed in a trading halt ahead of an announcement about "leadership changes" before the bank confirmed at 5.15pm on Thursday the end of Mr Thorburn's and Dr Henry's tenure following days of intense speculation.
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disappointed about what the Royal Commission has brought to light in areas where we have not met customer expectations. Andrew and I are deeply sorry for this. My decision is not made in reaction to any specific event, but more broadly looking at the bank's needs in coming months and years."
Philip Chronican, a current NAB director with extensive domestic banking experience, will serve as acting CEO from March 1 until a permanent appointment is made.
A global search will be conducted for the new CEO, while internal candidates will also be considered.
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