National Australia Bank has announced a number of changes to its leadership following the resignation of group executive finance and strategy Craig Drummond.
Over the last two and half years Drummond led NAB's exit of Great Western Bank, the sale of the UK Commercial Real Estate and SGA portfolios, the 80% sale of the life insurance business, the demerger and IPO of CYBG and the largest capital raising in Australian corporate history.
NAB chief executive Andrew Thorburn said he is now moving on to the next stage in his career.
Following Drummond's resignation, NAB has also appointed a new chief financial officer, Gary Lennon, who has been with the bank since 2008. Lennon has held the role of executive general manager finance since 2010, reporting directly to Drummond and has worked closely with the executive leadership team. He has also worked as a senior executive at Deutsche Bank in Japan and Australia.
Lennon will commence in his new role on 15 March 2016, which will also be Drummond's final day at NAB. The bank's group strategy function, which used to report to Drummond, will now report directly to Thorburn.
"Gary's appointment will ensure continuity and momentum for our company, so that we are able to continue to drive forward our agenda to strengthen our Australian and New Zealand franchise. I am pleased we have a strong candidate in Gary who is ready to step into this role and join the Executive Leadership Team," Thorburn said.
Amid the changes, the bank has also appointed a non-executive director from rival ANZ. Industry veteran Philip Chronican starts in his new role on 2 May, subject to regulatory approval.
Chronican has extensive banking experience, following a 30 year career of banking roles in Australia and New Zealand. He was most recently responsible for ANZ's Australia division, with specific responsibility for ANZ's retail and commercial businesses.
Prior to joining ANZ, he had a long career at Westpac, where he established his reputation as one of Australia's leading banking executives, in executive roles including group executive Westpac institutional bank and chief financial officer.
NAB chairman Dr Ken Henry said: "My fellow directors and I are delighted Mr Chronican, one of Australia's most respected bankers, has accepted our invitation to join the board to contribute his deep banking experience, commercial skills and market knowledge to National Australia Bank."
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