Big four ASX bank National Australia Bank Ltd (ASX: NAB) has appointed its new CEO.
NAB is one of the four largest financial institutions in Australia in terms of market capitalisation, earnings and customers. However, in 2018, it was Australia’s largest lender to businesses and has operations in wealth management and residential lending. It also operates the online-only Ubank.
NAB’s New CEO
NAB has announced that the new CEO and Managing Director will be Ross McEwan to replace Mr Thornburn. He’s a New Zealand-born, former Australian banking executive that has been the CEO of Royal Bank of Scotland since 2013.
He joined RBS Group as the CEO of UK Retail in 2012 from Commonwealth Bank of Australia (ASX: CBA) where he had been boss of the ‘Retail Banking Services’ division for five years. He had been CBA’s Executive General Manager with responsibility of its branch network, contact centres and third-party mortgage brokers.
Mr McEwan announced his resignation from RBS in April 2019 and will start with NAB once his obligations to RBS have finished, no later than April 2020. He will be invited to the NAB Board at this time, although the appointment is subject to regulatory approvals.
NAB Chairman-elect Philip Chronican said: “Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers.
“RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation. We have secured a well proven CEO and reached an appropriate remuneration package when compared with domestic and international peers and other sectors.”
Is NAB A Buy?
NAB is clearly pleased with the appointment and the mission certainly seems to fit Mr McEwan’s experience, so I think NAB has made the right choice. An outsider is definitely a better choice, someone who hasn’t been caught up in the Royal Commission.
However, I certainly don’t want to buy shares at the moment. I’d much rather think about the reliable and proven shares in the free report below instead.
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