NAB’s chief executive, Andrew Thorburn and chairman , Ken Henry has resigned from the bank.The NAB board has asked current director Philip Chronican to serve as acting chief executive from March 1 until a permanent replacement is found.
Mr Thorburn said that “we don’t want to create a crisis” so the decision to resign came within the last 48 hours. Mr Shanahan says NAB will go through a period of instability after the resignation from both its CEO and Chairman.
Commissioner Kenneth Hayne criticized The bank’s corporate governance and said that the company was not taking responsibility for what had gone wrong and have blamed serious errors on administrative failures. Although Henry wanted a new regime, in reality, they both had to quit.
EXPLORE: Ken Henry Wiki Facts, Age, Height, Wife & Net Worth
Andrew Thorburn Resigns!
As Thorburn and Henry were hopelessly exposed last year during the royal commission and parliamentary hearings. But the public never knows what took them so long? Thorburn was forced to apologize for not providing services to superannuation customers. In September he admitted the bank had “drifted” away from doing right to its customers.
Despite this, there was no investor to turf them out, and Thorburn and Henry stayed on. The feeling was obviously that these experienced operators could turn it around.
Hayne wrote in his report that they didn’t seem willing “to accept the necessary responsibility for deciding, what is the right thing to do”. He is on the Board of Directors at Bank of New Zealand Ltd., National Australia Bank Ltd. and BNZ International Funding Ltd. (United Kingdom). Mr. Thorburn was previously employed as a Principal by Commonwealth Bank of Australia and Chairman by Great Western Bank (South Dakota).
He also served on the board at BNZ Income Securities Ltd.
Henry also denied he was resigning due directly to pressure from investors to step down. As i haven’t spoken to investors directly, I’m not aware of any pressure from investors to have us step down.
Commissioner Hayne wrote in his final report that he was less confident that the two leaders at NAB had learnt any lessons from the inquiry into the sector as Both Mr Thorburn and Dr Henry had been in the spotlight
NAB chairman Ken Henry was criticised for his performance when grilled during the royal commission.Chief executive since August 2014, Mr Thorburn had resisted criticism of his leadership from the royal commission.
Thorburn said “I acknowledge that the bank has sustained damage as a result of its past practices and comments in the royal commission’s final report about them,” last year he was shaken as an employee he considered a friend was involved in multimillion-dollar fraud allegations.
EXPLORE: Ken Henry Wiki Facts, Age, Height, Wife & Net Worth
How Much Is Andrew Thorburn Net Worth?
As of 2019, Andrew Thorburn net worth is under review and will be updated soon. Stay tuned to know details of Andrew Thorburn wiki facts and other updates.
