- NAB announced a major shakeup of its executive team.
- Among those out is Andrew Hagger who appeared before the financial services royal commission.
- CEO Andrew Thorburn says the changes help created a simpler, more customer focused bank.
The NAB’s Andrew Hagger has become the first senior executive to be hit by fallout from the financial services royal commission.
The head of consumer and wealth, who today lost out in a major reshuffle of the bank’s senior executives, acknowledged “failures”.
“I take accountability for what has occurred on my watch, and accept that alongside successes were failures, including instances where we did not act with the pace required,” he says.
“I leave NAB with confidence that we are creating a better bank.”
Hagger faced intense questioning the in the royal commission over the fee for no service scandal where customers were charged for financial advice they didn’t get.
The NAB has admitted it made mistakes, and that it is not perfect, but has rejected a suggestion that it may be liable for criminal charges.
NAB Chief Executive Andrew Thorburn says Hagger’s departure follows the recent bringing together of the Wealth businesses under new MLC CEO Geoff Lloyd to prepare for separation from NAB.
“Andrew Hagger believes now is the right time to leave,” says Thorburn.
“We have been colleagues for a decade at NAB, I have valued his long-term contribution and I wish him and his family well as he pursues new opportunities.”
Thorburn says the changes will bring greater focus and momentum to NAB’s commitment to being a simpler, more customer focused bank.
“We have a clear plan to transform NAB and create a sustainable business that puts customers first – and we are executing on that plan,” he says.
“Now is the right time to make these changes as we work to create a better bank and earn the trust of our customers.”
- Customer Products & Services becomes Customer Experience – a division focussed on building advocacy and loyalty through the design and delivery of a leading banking experience. It includes Customer Experience, Marketing, Digital, Products, NAB Labs and NAB Ventures.
- Rachel Slade will lead this division in the new role of Chief Customer Experience Officer. She has been Executive General Manager, Deposits & Transaction Services since joining NAB in January 2017 after more than 10 years in senior positions at Westpac.
- Mike Baird, the former NSW Premier, becomes Chief Customer Officer, Consumer Banking. He will lead NAB’s retail banking business including more than 700 branches, 7000 bankers, broker partnerships, direct banking and the digital bank UBank. Mike will also take a lead in the setting of our reputation agenda. Mike has been Chief Customer Officer, Corporate & Institutional Banking since April 2017.
- David Gall moves to the role of Chief Customer Officer, Corporate & Institutional Banking. He has been NAB’s Chief Risk Officer and part of the NAB Executive Leadership team since August 2014, having spent 29 years in corporate, commercial and retail banking.
- Shaun Dooley joins the NAB Executive Leadership team as Chief Risk Officer. He is currently Group Treasurer and has been with NAB since 1992, serving in various senior executive roles in Risk, Corporate and Institutional Banking.
- Andrew Hagger leaves NAB after 10 years, including the past eight years as a member of the Executive Leadership Team. In that time he has led the Consumer Banking and Wealth businesses; MLC as Chief Executive Officer and; the Corporate Affairs, Marketing & People divisions.
NAB is working towards an effective date of October 1 for these changes.
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