National Australia Bank CEO, chair resign after scathing inquiry

people in meeting

NAB chief executive Andrew Thorburn and chairman Ken Henry are both stepping down after they were savaged in a royal commission report.

“More particularly, I was not persuaded that the NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, then having its staff act accordingly”.

“I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues“, he observed.

Thorburn and Henry join the CEO and chairwoman of the country’s biggest financial planner, AMP Ltd, who quit before the commission ended over criticism of the firm’s handling of charging customers fees without providing a service. Overall, my fear – that there may be a wide gap between the public face NAB seeks to show and what it does in practice – remains.

The top bosses of National Australia Bank – the parent company of the Bank of New Zealand – have resigned and say they are “deeply sorry” for failings by the bank.

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