NAB has undergone an extensive reshuffle at its executive level.
National Australia Bank (NAB) has undergone an executive reshuffle after incumbent group chief financial officer Michael Ullmer withdrew his interest in taking over as group chief executive.
NAB chief executive John Stewart announced yesterday that Ullmer will now take on the role as deputy group chief executive.
"Now that the turnaround has been completed, Michael has advised the chairman and myself that he does not wish to be considered for the role of group chief executive but would welcome the opportunity for a broader role in the organisation," Stewart said.
"I'm pleased Michael will join Peter Thodey [group executive general manager] and myself in working on two important strategic objectives," he said.
As well as taking on his new role, Ullmer will remain a member of the boards of NAB and the Bank of New Zealand.
Other staff changes include the current group executive general manager development and new business Mark Joiner being appointed group chief financial officer.
Current executive general manager business and private George Frazis will fill Joiner's vacant position. Frazis will also take a seat on the group executive committee.
Regional general manager corporate and private banking Joseph Healy will hold the position as acting head of the business and private banking area until a full-time appointment is made.
Stewart said the staff changes follow the recent appointment of Cameron Clyne as chief executive of Bank of New Zealand.
He said the changes will enhance the development of the NAB's strong group of next generation leaders, who include NAB's chief executive of Australian operations Ahmed Fahour, chief executive nabCapital John Hooper, and MLC chief executive Steve Tucker.
Fund managers and annual performance reports brim with confidence, no matter how much money has been made or lost, but where does this leave the humble investor?... read more »
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