NAB chief executive Andrew Thorburn has made major changes to his executive team, cementing his plans to focus more on Australia and New Zealand than offshore business.
Three senior leadership team members are leaving: Michaela Healey, who is retiring, Renee Roberts and Gavin Slater.
Thorburn has then created a series of chief customer officers to head new divisions.
Part of the restructure is an integrated banking and wealth division and the formation of a corporate and institutional banking business unit.
The changes come after the NAB has ditched many of its international businesses including the demerger and IPO of Clydesdale Bank and with the sale of 80% of the Life Insurance business to Nippon Life.
Thorburn says the time is right to refresh the executive leadership team after two years addressing major legacy issues and re-focusing the bank on local business.
He took over the chief executive role in August 2014 from Cameron Clyne.
“These changes will bring greater momentum and energy to NAB’s goal of creating a simpler, more customer-focused organisation that delivers better outcomes for customers as well as shareholder returns,” says Thorburn.
“We have had a very clear plan over the last two years and have taken the action required to execute that plan.”
He says the organisational structure will enable the company to continue the pace of change while providing greater clarity for customers and staff.
Here are the changes effective as of August 1.
- Business Banking becomes Business & Private Banking and will focus on small to medium businesses. This will include Private Banking and JBWere as well as the small business segment from Personal Banking. Angela Mentis will head this as the Chief Customer Officer, Business & Private Banking.
- Corporate & Institutional Banking will bring together the Corporate and Institutional Banking businesses from within Business Banking as well as the Fixed Income, Currencies and Commodities and Capital Financing businesses from within Products & Markets. The division will include Asset Servicing and International Branches. Cathryn Carver will be acting Chief Customer Officer, Corporate & Institutional Banking, while an internal and external executive search is conducted.
- Personal Banking becomes Consumer Banking & Wealth Management and will include the distribution components of Wealth Management as well as the Personal Banking network and UBank. Andrew Hagger will lead this business as the Chief Customer Officer, Consumer Banking & Wealth Management. He will also continue to drive the sale process of the Life Insurance business.
- Products & Markets becomes Customer Products & Services and includes Banking & Wealth products, Strategy, Digital, NAB Labs/Ventures, Marketing and Corporate Affairs. Antony Cahill will be Chief Operating Officer.
- Enterprise Services & Transformation becomes Technology & Operations and will now also include the non-life Wealth Management business. While an internal and external executive search is conducted, Bob Melrose will be acting Chief Technology & Operations Officer.
- The Risk function will now also include the Legal and Governance functions of the Group and will continue to be led by David Gall as Chief Risk Officer.
- The Finance, People and Bank of New Zealand units are largely unchanged and will remain under the leadership of Gary Lennon, Lorraine Murphy and Anthony Healy respectively.
Of the three senior executives leaving, Michaela Healey was Group Executive, People, Comms & Governance, Renee Roberts was Group Executive, Enterprise Services and Transformation and Gavin Slater was Group Executive for Group Business Services.
Thorburn’s new team:
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.