NAB Chairman Michael Cheney has just announced on the ASX that Cheif Executive Cameron Clyne will retire from his position in August this year.
In a move that mirrors Clyne’s ascension to the top job at NAB the Board has already appointed current NAB subsidiary Bank of New Zealand boss Andrew Thorburn as CEO and Managing Director effective August 1st this year.
Clyne said that he is proud of the record he has built over his terms as CEO but that there had been a personal toll on him from the job which he is now leaving “to spend some much-needed time with my young family.”
NAB closed yesterday at a 5 month high of $35.56 – we will be able to judge the markets reaction at 10am when the ASX opens this morning.
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