National Australian Bank (NAB) has confirmed the name of its new chairman, one month after former chair Ken Henry and chief executive Andrew Thorburn announced their departures.
Philip Chronican, who most recently served as the bank’s director and interim CEO, was appointed to the position by the NAB board of directors.
Receiving “unanimous support” from the board in a decision process led by NAB director David Armstrong, Chronican will begin his new role later in the year.
“Phil has been an outstanding Director for NAB and has a deep, extensive background in Australian financial services. Phil told the Board that he did not intend to be considered as a candidate for the CEO role, enabling us to move quickly to appoint him as Chairman,” Armstrong said.
Chronican commenced his role as interim group CEO on 1 March 2019. He said he was privileged to be succeeding Dr Henry as chairman during a critical period for the bank and broader industry.
“Much needs to change in a meaningful way at our bank. We have unfortunately been found wanting in too many areas when it comes to our customers, and I am determined to ensure that change happens to ensure we meet and exceed their expectations,” Chronican said.
The bank will now embark on finding a CEO. The board of directors established a committee in February to manage the appointment, with NAB director Ann Sherry leading the selection process.