The NAB has switched CFOs.
Craig Drummond, who oversaw a string of big assets sales and demergers over the last two years, has resigned as group executive finance and strategy.
He is being replaced by an insider, Gary Lennon, who becomes chief financial officer.
Lennon worked at Deutsche Bank in Japan and Australia before joining NAB in 2008. He has held the role of Executive General Manager Finance since 2010. Before that he was the CFO, wholesale banking, at NAB.
Drummond led NAB’s exit from the Great Western Bank, the sale of its UK commercial real estate, the $2.4 billion sale of 80% of the life insurance business, the $3.2 billion demerger and IPO of Cyldsdale bank in the UK and, at $5.5 billion, the largest capital raising in Australian corporate history.
The moves are all part of the NAB’s strategy to get rid of non-performing assets and concentrate on the business in Australia and New Zealand.
CEO Andrew Thorburn says Drummond has completed what he wanted to achieve and has decided that now is the time to move on to the next phase in his career.
“I will miss his wise counsel and wish him every success in the future, knowing that he will contribute at the highest level, as he has at NAB,” Thorburn says.
Drummond says he is incredibly proud of what NAB had achieved as an organisation.
“I believe that NAB is a stronger and safer bank as a result of the work that has been done to reshape the business and deal with the legacy issues,” he says. “As a result I believe that now is the right time for me to consider the next step in my career.”
The NAB this week posted a 8% rise in cash profit to $1.7 billion for the December quarter, a result which puts the bank well on track to beat last year’s $5.84 billion full year cash profit.